Good morning. President Trump and Xi Jinping struck a deal this morning in their first meeting since Trump opened a trade war against China. Xi agreed to postpone controls on critical rare earth minerals, Trump said. Trump also said the U.S. would reduce tariffs on Chinese goods. It’s, in effect, a yearlong truce in the countries’ intense economic feud. We have more on the deal, and Trump’s tour of Asia, below. We’re also covering the latest news from Hurricane Melissa, the Louvre heist and Wall Street.
Trump’s tour
This morning, as President Trump was arriving in Busan, South Korea, for a meeting with Xi Jinping, he made a threat on social media. He said the U.S. would begin testing nuclear weapons for the first time in more than 30 years. His post heightened the stakes of an already fraught conversation on trade, and the mood was tense when Trump arrived. The leaders shook hands, then Trump did all of the talking about striking a deal. Xi was silent. After an hour and a half of negotiations, though, the leaders emerged with an agreement: China, which has tightened its controls on rare earth minerals used to make cars, phones and fighter jets, would postpone those strict new rules for a year. Separately, Trump said he would halve the 20 percent tariffs he had imposed to pressure China to do more to fight fentanyl trafficking. The deal wraps up Trump’s tour of Asia. Over the past six days, he has hopscotched the continent chasing trade pacts and peace agreements. “Trump came here seeking deals, plain and simple,” says Katie Rogers, a White House correspondent who is traveling with the president. He seemed to get what he wanted. As Trump boarded Air Force One to head back to Washington this morning, he waved and pumped his fist. Today’s newsletter looks at the Busan meeting and what Trump accomplished. A meeting with XiOne of the biggest issues facing Trump and Xi was how to handle China’s extensive restrictions on exports of rare earth metals. These are minerals with obscure names that the rest of the world can’t live without, our colleague Keith Bradsher writes. China has been restricting them for more than a year, and the export controls have given Beijing enormous leverage. Trump came seeking concessions, and China agreed to lift some limits — but not all of them. In response, Trump offered to reduce some tariffs on Chinese goods. This would bring overall tariffs on Chinese goods to around 47 percent, he said. (See our tariff tracker.) The two leaders also agreed to a détente. They said they would extend a truce on tit-for-tat tariff escalations for one year, Chinese officials said. To sweeten the deal, China would purchase “massive amounts” of American soybeans, Trump said. “Our Farmers will be very happy!” he wrote on social media. Neither Xi nor Trump mentioned nuclear weapons or testing in the meeting. Xi is a careful student of Chinese history who has responded to Trump’s trade war with steely determination. Still, Trump seemed to be happy with the outcome. On a scale of one to 10, he said he would rate his meeting with Xi a 12. Trump’s dealsThis week was about seeking reprieves for some of the trade problems Trump helped create, writes Ana Swanson, who covers trade. Katie told us from South Korea: Trump has used the strength of the United States’ economy to wrestle his allies on tariffs and trade, and he has said repeatedly throughout this trip that America is the “hottest” country in the world. It’s something he says often at home, but it has a different resonance across the world, where he is all but compelling governments and companies to invest in the United States economy. Beyond his deal with China, here’s what else Trump secured:
Trump also presided over a peace deal ceremony between Cambodia and Thailand and said he would reopen dialogue with North Korea’s leader, Kim Jong-un. A flattering tripAsian leaders showered Trump with praise and adulation. South Korea’s president presented him with the nation’s highest honor for promoting “peace on the Korean Peninsula” and a replica of a golden crown excavated from an ancient tomb. (“I’d like to wear it right now,” Trump said.) Officials in Japan and Cambodia told Trump they would nominate him for the Nobel Peace Prize. Trump and Japan’s new prime minister shared lunch at a gold-trimmed palace. On the menu was something unusual: American rice, along with American beef, “deliciously made with Japanese ingredients,” a White House statement said. Click the video to see how the new prime minister bonded with Trump:
More on nuclear power: Trump’s nuclear announcement may have been a response to Vladimir Putin, who said yesterday that Russia had successfully tested a nuclear-powered underwater drone designed to cause a tsunami that could devastate a coastal city.
The full scope of destruction brought by Hurricane Melissa, now a Category 2 storm, is beginning to come into focus. Officials and rescuers in several countries are still mapping out recovery efforts and counting the dead. At least five deaths are confirmed in Jamaica, officials said, and 23 in Haiti. Melissa is moving through the Bahamas and is set to hit Bermuda tonight. Follow live updates and see photos and video of the destruction. Here’s what we know so far: Jamaica: The storm devastated the country to an extent never seen before, a U.N. official said, adding that it had directly affected more than a million people, a third of the population. One port town, Black River, “has literally been totally destroyed,” according to Prime Minister Andrew Holness, who saw it from the air. Haiti: Children were among the 23 people confirmed dead. Dozens of people are missing. Aid: The U.S. will help with disaster relief.
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