Trump-Xi summit yields tariff cut, one-year deal on rare earth minerals

In a significant diplomatic move, US President Donald Trump and Chinese leader Xi Jinping met in South Korea, resulting in a 10 percent cut in US tariffs and a one-year delay on China's rare-earth export controls. This development marks a limited but hopeful step towards easing the ongoing trade tensions between the two nations, which have been affecting global markets. Additionally, the US central bank has cut interest rates for the second time this year, reflecting concerns over economic stability amid the government shutdown. These actions could foster a more cooperative economic environment.