Trump-Xi Summit Following FOMC: All You Need To Know About Last Night’s Confrontation
It has finally occurred. On 30 October 2025, US President Donald Trump and Chinese President Xi Jinping engaged in a face-to-face meeting in Busan, South Korea. This marks their first personal interaction in six years. According to The Guardian’s coverage of the event, a significant advancement was reportedly reached regarding rare earth minerals, vital for the production of electronics, vehicles, and defense materials. Observers perceive the gathering at Gimhae Air Base as a possible turning moment in the strained relations between two of the world’s largest economies.
According to CNN World, both leaders greeted each other upon their meeting. Trump commended Xi, referring to him as a “great leader of a great country.” He added, “We’re going to establish a fantastic relationship for a long time.”
In response to Trump, Xi stated, “We do not always share identical views, and it is common for the two leading economies to experience tensions occasionally. You and I, as the leaders of China-US relations, should maintain the correct path.” He also mentioned that the two countries ought to “thrive together.”
Trump:
“President Xi is an exceptional leader, and his nation is remarkable, and I believe we can foster a splendid and enduring relationship. We have already reached agreements on numerous points and will establish more now. It is a privilege for me to host him with us.”
Activists:
“Xi holds all the… pic.twitter.com/Ze9IPyyl9x
— RussiaNews
Accompanying the Chinese President at the meeting were Foreign Minister Wang Yi and Senior Advisor Cai Qi, his close aide. In attendance were also Vice Foreign Minister Ma Zhaoxu, Vice Premier He Lifeng, Zheng Shanjie, who is in charge of China’s economic planning, along with Commerce Minister Wang Wengtao.
On the US side, Trump was joined by Secretary of State Marco Rubio, Treasury Secretary Scott Bessent, Trade Representative Jamieson Greer, Commerce Secretary Howard Lutnick, US Ambassador to China David Purdue, and White House Chief of Staff Susie Wiles.
This conference in Busan concludes Trump’s five-day journey across Asia.
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Trump: “Roadblock Is Gone Now, There’s No Roadblock At All On Rare Earths.”
From Air Force One, Trump declared that this matter has been addressed, stating, “All of the rare earth issues have been resolved. That roadblock is eliminated now, and there’s no obstruction whatsoever on rare earths.” As part of the negotiations, the agreement is to last for a year with options for yearly renewals.
Additionally, during the Trump-Xi meeting in Busan, China is said to have consented to resume its imports of US soybean, a significant concern for American farmers.
Trump also disclosed that he and Xi talked about China acquiring chips from Nvidia, but clarified that the US was functioning more as an “arbitrator or referee” on the subject. When questioned about whether Nvidia’s new Blackwell AI chip would be sold to China, Trump remarked, “We’re not discussing the Blackwell, but many chips, you know, a lot of chips. And that’s advantageous for us.”
Trump has just secured the token supply chain for America’s critical minerals in trading network for tariff reductions.
The twist? This “deal” is up for renegotiation every year.
China holds control over 90% of rare earth processing needed for… https://t.co/AaMBGBsYRR pic.twitter.com/SFOWSDWdAn
— Mario Nawfal (@MarioNawfal) October 30, 2025
Another notable result was Xi’s commitment to “exert significant effort to halt the flow” of chemicals used for fentanyl production. Trump had previously indicated that he would scale back tariffs on Chinese goods if Beijing took genuine steps to reduce the fentanyl trade. The US imposed a 20% tariff on Chinese products specifically for this reason. Following the meeting, Trump announced that he is lowering this to 10%, adjusting the overall tariff from 57% to 47%.
Leading up to the confrontation, Trump had anticipated “a very successful meeting.” This indeed appears to be a productive effort towards restoring some level of normalcy between the two nations.
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FOMC: Fed Cuts 25bps In a 10-2 Committee Vote
During the FOMC (Federal Open Market Committee) meeting on 29 October 2025, Fed (Federal Reserve) Chair Jerome Powell announced a 25 basis point decrease, bringing the federal funds rate down to 4.75%. Powell highlighted that inflation remains “stubbornly above target,” but the Fed is observing signs of a slowdown in consumer spending and wage growth.
“Current indicators imply that economic activity has been growing at a moderate rate. Job increases have decelerated this year, and the unemployment rate has ticked up but remained low through August; more recent metrics align with these trends. Inflation has risen since the start of the year and continues to be somewhat high,” the FOMC statement noted.
October FOMC decision:
-The Fed adjusted rates down by 25 bps as expected.
-There were two dissenting votes. Schmid advocated for no cut, and Miran preferred a reduction of 50 bps.
-The Fed will conclude QT on Dec. 1. MBS redemptions will be redirected into T-bills afterward.
-The statement changes primarily news to crypto market estimates… pic.twitter.com/nh6xEwfnNb
— Nick Timiraos (@NickTimiraos) October 29, 2025
The committee reached this decision with a 10-2 vote. Newly appointed Governor Stephen Miran advocated for a deeper 50bps cut, while Kansas City Fed President Jeffrey Schmid opposed any reduction altogether.
Meanwhile, Powell reiterated that future rate decisions will be based on economic data. He noted slow growth in Europe and China as significant factors influencing its outlook.
The market reacted with mixed outcomes. The Dow fell by 74 points. The Nasdaq increased by 0.6% to achieve a database close. And the S&P 500 finished unchanged. The likelihood of a December rate cut dropped from over 90% to below 69%, according to CME’s FedWatch tool.
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Key Takeaways
- The Trump-Xi meeting resulted in a rare earths agreement and reduced tariffs on Chinese products.
- China agreed to resume US soybean imports and address the flow of chemicals used in fentanyl production.
- The Fed decreased rates by 25 bps with a 10-2 vote. However, the odds of a December rate cut fell from 90% to below 69%.
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