The Latest: China agrees to buy 25M metric tons of US soybeans each year, treasury secretary says

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China has agreed to purchase 25 million metric tons of U.S. soybeans annually as part of an agreement reached by its leaders, Treasury Secretary Scott Bessent said Thursday.

Bessent said China will start by purchasing 12 million metric tons of soybeans from the U.S. between now and January.

President Donald Trump met with Chinese leader Xi Jinping on Thursday, the final day of a trip to Asia that was an opportunity for the leaders of the world’s two largest economies to stabilize relations after months of turmoil over trade issues.

Here's the latest:

Vice President JD Vance will lead the closed-door meeting at the White House on Thursday, according to a White House official who wasn’t authorized to speak publicly and spoke on condition of anonymity to share details of the meeting.

Transportation Secretary Sean Duffy has warned in recent days that flight delays could grow as air traffic controllers who are missing paychecks because of the shutdown call out sick. Duffy and Vance will be joined at the roundtable by former New Hampshire Gov. Chris Sununu, a Republican, and leaders from the aviation industry, according to the official.

— Michelle L. Price

Secretary of State Marco Rubio says the United States is ready to help the Cuban people recover from devastation wrought by Hurricane Melissa despite long-standing hostility between Washington and Havana, the U.S. emargo on the communist island nation and Rubio’s own harsh criticism of the Cuban government.

In a statement released Thursday, Rubio said the State Department is issuing “a Declaration of Humanitarian Assistance for Cuba and is prepared to provide immediate humanitarian assistance directly and via local partners who can most effectively deliver it to those in need.”

He noted that current U.S. law allows for exemptions on exports to Cuba that include private donations of food, medicine, other humanitarian goods to Cuba and disaster response.

On Wednesday, U.S. officials said several dozen disaster relief workers and urban search and rescue teams are being deployed to Caribbean nations affected by the storm but didn’t mention Cuba.

Treasury’s Office of Foreign Assets Control imposed sanctions on a Cancun-based human smuggling organization that has allegedly smuggled thousands of people from Europe, the Middle East, South America, and Asia into the U.S.

Bhardwaj Human Smuggling Organization and its leader Vikrant Bhardwaj and a group of firms are also accused of being involved in drug trafficking, bribery, and money laundering.

Treasury Under Secretary for Terrorism and Financial Intelligence John K. Hurley said the Trump administration “will continue to target and dismantle terrorist transnational criminal organizations to protect the American people.”

Johnson, a Republican, says it’s no surprise talks are picking up in the Senate on ways to end the government shutdown, particularly with SNAP food aid about to end Saturday.

“We’re just fed up with it,” he said at his daily news conference at the Capitol, on day 30 of the shutdown. “Turn this thing back on.”

The speaker has kept the House out of legislative session for more than a month, a remarkable closure preventing other business during the shutdown.

The U.S. stock market is drifting around its record heights Thursday, as Wall Street sifts through mixed developments on everything from the U.S.-China trade war to profits for Big Tech behemoths.

The S&P 500 slipped 0.2% and edged a bit further from its all-time high set Tuesday. The Dow Jones Industrial Average was up 199 points, or 0.5%, as of 10 a.m. Eastern time. The Nasdaq composite fell 0.6% from its record set the day before.

Stocks also dipped in Europe, following a mixed finish in Asia, coming off a much anticipated meeting between the leaders of the world’s two largest economies. President Trump hailed his talk with China’s leader, Xi Jinping, as a “12” on a scale of zero to 10, and Trump said he would cut tariffs on China. But while the talks may offer some stability for the near term, major tensions remain between the two countries.

▶ Read more about the financial markets

The president is en route back to Washington and is expected to arrive a little after 3 p.m. ET. This evening, he and first lady Melania Trump will host the annual Halloween parade at the White House.

Treasury Secretary Scott Bessent added that as part of the deal President Trump struck with Xi, China will start by purchasing 12 million metric tons of soybeans from the U.S. between now and January.

“So you know, our great soybean farmers, who the Chinese used as political pawns, that’s off the table, and they should prosper in the years to come,” Bessent said in an interview on Fox Business Network’s “Mornings with Maria.”

The Trump administration is forging ahead with plans to eject some nonprofits from a popular student loan forgiveness program if their work is deemed to have a “substantial illegal purpose” — a move that could cut off some teachers, doctors and other public workers from federal loan cancellation.

New rules finalized Thursday give the Education Department expanded power to ban organizations from the Public Service Loan Forgiveness program. The Trump administration calls it necessary to block taxpayer money from lawbreakers. Critics say it turns the program into a tool of political retribution.

Set to take effect in July, the policy is aimed primarily at organizations that work with immigrants and transgender youth.

It grants the education secretary power to exclude groups from the program if they engage in activities including the trafficking or “chemical castration” of children, illegal immigration and supporting terrorist organizations. “Chemical castration” is defined as using hormone therapy or drugs that delay puberty — gender-affirming care common for transgender children or teens.

▶ Read more about the Trump administration and student loans

A Senate hearing for Trump’s surgeon general pick, Casey Means, has been postponed because she went into labor.

The news from a spokesperson for the Senate health committee comes just hours before Means was scheduled to appear virtually before the committee for her confirmation hearing. It wasn’t immediately clear when the hearing would be rescheduled.

Means, a Stanford-educated physician-turned-wellness influencer, has been expecting her first child.

1. Rolling back tariffs: Trump told reporters while heading home on Air Force One that he had agreed to cut his 20% tariff increase, imposed over China’s role in producing fentanyl and chemicals used to make it, to 10%. China confirmed that it will take average tariffs on Chinese goods to 47%, down from 57%. The two sides agreed to continue to work on cracking down on illicit flows of the drug into the U.S.

2. Sales of computer chips to China: Trump said he discussed U.S. sales of computer chips to China. Trump and former President Joe Biden had imposed restrictions on access to the most advanced chips such as those used for artificial intelligence. China will speak with Silicon Valley chipmaker Nvidia about purchasing its computer chips, he said. That won’t include its next-generation Blackwell AI chip, he said, “but a lot of the chips.”

3. U.S. soybeans and other farm exports: Trump said the Chinese side has committed to buying “a tremendous amount” of American soybeans, sorghum and other farm products. The Chinese side did not provide any details.

4. No TikTok deal yet: Beijing said it will work with the Trump administration to resolve issues related to TikTok’s ownership.

China’s Commerce Ministry said on Thursday that the U.S. will pause its measures under its Section 301 investigation against China’s shipbuilding and maritime industries for one year.

It said China will pause its relevant countermeasures against the U.S. for a year in response after the U.S. suspensions take effect.

The U.S. imposed new port fees on Chinese-owned or -operated ships calling at American ports from Oct. 14 resulting from its Section 301 investigation, which it said found China’s practices in maritime and shipbuilding were “unreasonable” and a burden to American commerce.

Beijing, in response, slapped retaliatory port fees largely mirroring the U.S. fees on American vessels calling at Chinese ports that came into effect the same day.

Separately, China’s Commerce Ministry also said it will “properly” resolve TikTok related issues with the U.S.

Japanese survivors of U.S. atomic bombings in Hiroshima and Nagasaki at the end World War II condemned Trump’s comments Thursday suggesting the U.S. will restart testing of its nuclear weapons.

“The act vehemently opposes all countries that are endeavoring to achieve a nuclear-free and peaceful world and absolutely could not be tolerated,” said Jiro Hamasumi, secretary general of Nihon Hidankyo, a grassroots organization of the survivors that won the 2024 Nobel Peace Prize.

The group demanded in a statement that the U.S. respond to calls for nuclear disarmament and take a leadership role in the movement.

Foreign ministry spokesperson Guo Jiakun said in Beijing that China hopes the U.S. will fulfill its obligations under the Comprehensive Nuclear Test-Ban Treaty and honor its commitments to suspend nuclear tests.

His comment came in response to a social media post by Trump that suggested the U.S. might resume the tests.

Trump made the post minutes before the highly anticipated meeting with Chinese leader Xi Jinping in South Korea.

China has agreed to suspend its new export control restrictions on rare earth minerals for one year and study and refine them, the Commerce Ministry said.

In return, the U.S. will suspend for one year a rule that expanded its controls to all subsidiaries that are at least 50% owned by Chinese companies on an export control list.

The two moves in the U.S.-China trade war had alarmed companies globally.

The ministry statement didn’t mention rare earths by name, but said that China would suspend measures announced on Oct. 9, when the rare earth restrictions came out.

China confirmed Trump’s comment that the U.S. would slash the fentanyl-related tariff rate by 10 percentage points in a statement from the Commerce Ministry.

It also said that both sides would extend a temporary tariff rate pause on each other for a year.

The pause was initially announced in May after both sides threatened each other with sky high rates.

Xi, stressing that dialogue is better than confrontation, listed a range of issues where China and the U.S. could work together, including combating illegal immigration and telecom fraud, anti-money laundering efforts, artificial intelligence and infectious disease response.

He called for more dialogue and exchange on these potential areas of cooperation.

He also said the U.S. and China should have positive interactions on the global stage that demonstrate their responsibility as major powers to achieve positive results for their countries and the world.

He noted that China will host the APEC leaders meeting and the U.S., the Group of 20 summit, next year.

The first official Chinese comment on the meeting suggested any deal is not done.

Xi noted that negotiating teams from both countries had reached a consensus, a likely reference to talks held in Malaysia last weekend, according to a report on the meeting distributed by state media.

The Chinese leader said the teams should complete follow-up work as soon as possible to deliver tangible results that will provide “peace of mind” to China, the U.S. and the rest of the world.

The recent twists and turns in the relationship offer lessons for the U.S. and China, Xi said.

“Both sides should take the long-term perspective into account, focusing on the benefits of cooperation rather than falling into a vicious cycle of mutual retaliation,” he said, according to the report.

There was no immediate comment from China on the results of the meeting, but the fentanyl-related tariffs have been a particular sticking point.

China saw them as an act of bad faith because it had been working with the Biden administration on tightening its controls over the flow of the ingredients for the drug to Mexico.

Trump demanded that China do more.

Thursday's meeting between the U.S. and Chinese leaders in Busan, South Korea, ran about an hour and 40 minutes, fairly similar in length to some of their meetings during Trump’s first term.

Their last meeting six years ago at the Group of 20 summit in Osaka, Japan, was under an hour and a half, as Trump went from his meeting with Xi straight to a separate sit-down with Turkish President Recep Tayyip Erdogan.

At a separate G20 summit — this time in 2018 in Buenos Aires, Argentina — Trump and Xi met for a dinner that ran more than two hours.

Their two meetups in 2017 were more elaborate. First, Trump invited Xi to Mar-a-Lago, his south Florida club and residence, for two days of discussions in April of that year.

Xi then returned the favor later that November when he welcomed Trump for a lavish state visit that included an arrival ceremony, a private tour of the Forbidden City as well as a dinner there, a military parade and a state banquet.

Trump’s meeting with Xi appeared to draw an initially skeptical reaction from investors despite Trump’s upbeat comments to reporters afterward.

Chinese share prices fell back when markets reopened after their midday break Thursday.

Share prices retreated across the region, with Japan’s benchmark Nikkei 225 down 0.3% and Hong Kong’s Hang Seng sinking 0.7%.

The Shanghai Composite index lost 0.7%.

U.S. futures and oil prices also declined.

The president, while speaking to reporters aboard Air Force One, seemed to be conflating the testing of missiles that deliver a nuclear warhead and the testing of nuclear weapons.

Trump said that other countries “seem to all be nuclear testing” but when it comes to the U.S., “We have more nuclear weapons than anybody. We don’t do testing.”

The U.S. tests its missiles, as does China and Russia. But the U.S. has not done an explosion test on its nuclear warheads since 1992 and no country outside of North Korea has done those tests on their weapons since the 1990s.

“I see them testing and I say, well, if they’re going to test, I guess we have to test,” Trump said.

Trump was asked where the tests would occur and he said, “It’ll be announced. We have test sites.”

The new rate comes from Trump deciding not to move forward with his latest tariff threat, which would have created a 157% levy.

Trump decided to reduce the current rate from 57% to 47% because China agreed to help more on reducing the flow of fentanyl ingredients.

“We’re both going to work together to see if we can get something done,” he said.

However, Trump suggested that “there’s not a lot more we can do.”

He said, “The sides are locked in, fighting, and sometimes you’ve got to let them fight, I guess.”

Trump said they did not discuss China’s purchase of Russian oil, which boosts Moscow’s economy during the conflict.

The U.S. president said China will speak with Silicon Valley chipmaker Nvidia about purchasing their computer chips.

“We make great chips,” Trump told reporters on Air Force One. “Nvidia’s the leader.”

It wouldn’t include the next-generation Blackwell AI chip, “but a lot of the chips,” Trump said.

The U.S. president, speaking with reporters after departing South Korea, said he did not connect with the North Korean leader during his Asia trip.

He stressed that the two leaders maintained a good relationship and said he’d be willing to return for a Kim visit.

“I’d come back with respect to Kim Jong Un,” Trump said.

The two men met three times during Trump’s first term.

Trump and Canadian Prime Minister Mark Carney shared a dinner table last night in Gyeongju, where there were both visiting.

“We had a very nice conversation with him last night,” Trump said.

The president has been angry at Canada, even increasing tariffs, because of a critical television advertisement about his trade policy.

There was speculation ahead of the meeting that Xi would push Trump to reduce U.S. support for the self-governing island of Taiwan, which China views as part of its territory. But Trump said they didn’t talk about it.

“Taiwan never came up,” he said.

The president said he would go to China in April, and then Xi would visit the U.S. after that.

It’s the most specific he’s been about plans for next steps between the two leaders.

Speaking to reporters aboard Air Force One, Trump said China would end restrictions on rare earth exports and buy American soybeans.

He also said the U.S. would reduce tariffs that were implemented earlier this year as punishment for the flow of fentanyl ingredients.

When discussing how he would rate the meeting on a scale from 1 to 10, Trump said it would be a 12.

The president headed home, wrapping up a trip to Asia that had Trump spending five days in three countries.

His long flight back to Washington has him scheduled to land Thursday afternoon, where he’s shortly thereafter expected to attend a White House Halloween celebration.

Before the meeting, there was a rough idea of the agenda, including tariffs, computer chips, rare earth minerals and other points of tension. Trump repeatedly said he expected to be able to reach a deal with Xi.

But there was no immediate word on their conversation once it ended. Trump boarded Air Force One without speaking to reporters, and the White House did not make any announcements.

With the 1 hour and 40 minute meeting with Xi over, Trump boarded the stairs to his plane. He pumped his fist at the top and waved before stepping inside.

The president is returning to Washington after stops in Malaysia, Japan and South Korea.

The two leaders walked out of the building alongside each other, briefly chatting in front of the cameras. They shook hands and Trump leaned in as if he was whispering in Xi’s ear.

The two leaders welcomed the press in for brief introductory remarks but now are talking behind closed doors flanked by their top officials.

Journalists left the meeting room shortly after 11:15 a.m. local time in Busan.

Trump said he and Xi could meet for as long as three hours. The official White House schedule, however, has the meeting running just under two hours.

The Chinese leader spoke for longer than Trump in his opening remarks, saying “it feels very warm seeing you again because it’s been many years.”

“We do not always see eye to eye with each other,” Xi said through a translator, adding that “it is normal for the two leading economies of the world to have frictions now and then.”

However, he said, China and the U.S. “are fully able to help each other succeed and prosper together.”

Shortly after their handshake, Trump and Xi moved to a room to hold their talks.

“It’s an honor to be with a friend of mine,” Trump said of Xi. He said the two will be having some discussions, but “I think we’ve already agreed to a lot of things.”

Accompanying Trump were trade representative Jamieson Greer, Commerce Secretary Howard Lutnick, Secretary of State Marco Rubio, Treasury Secretary Scott Bessent, White House chief of staff Susie Wiles and David Perdue, the U.S. ambassador to China.

There was no indication that the U.S. would start detonating warheads, and the military already regularly tests its missiles and other equipment.

The president suggested changes were necessary because other countries were testing their weapons. Russia has announced multiple tests recently.

Trump wrote on social media while en route to Busan that the Pentagon will “start testing our Nuclear Weapons on an equal basis” and “that process will begin immediately.”

The White House did not immediately respond to questions seeking more details.