“We have a deal. Now every year we’ll renegotiate the deal,” Trump said to the media on Air Force One. “All of the rare earth has been settled, and that’s for the world.”

As a result, China will halt export controls on rare earth materials, an important matter discussed in the trade meetings. The export controls initially went into effect on Oct. 9, but will now be delayed a year, after reaching an agreement at the summit. Rare earths are a vital part of U.S. manufacturing, necessary for products including turbines, electric vehicles, smartphones, medical imaging equipment, submarines, and satellites. 

A spokesperson for China’s Ministry of Commerce confirmed the progress between the two countries in a statement regarding the Trump-Xi summit.

“The leaders of China and the United States just met in Busan, South Korea, and discussed in depth issues such as China-US economic and trade relations, agreeing to strengthen cooperation in economic and trade fields,” read the statement. “China is willing to work with the United States to jointly safeguard and implement the important consensus reached at the meeting between the two heads of state.”

“The U.S. will suspend its 50% penetration rule on export controls, announced on September 29, for one year,” the Commerce Ministry spokesperson noted. “China will suspend its related export control measures announced on October 9 for one year and will study and refine specific plans.”

Trump elaborated on Thursday’s meeting with Xi in a post on his Truth Social account. 

“Additionally, China has agreed to continue the flow of Rare Earth, Critical Minerals, Magnets, etc., openly and freely,” Trump said about rare earths.

TRUMP ANNOUNCES DECREASE ON CHINA TARIFFS AFTER ‘AMAZING’ MEETING WITH XI

The president also revealed that China intended to buy “American energy.” He teased a “large-scale” deal involving Alaskan oil and gas could be in the works. It would mark a significant pivot in China’s importing of U.S. energy, which fell to practically zero over the summer as tensions increased between the U.S. and China.

“China also agreed that they will begin the process of purchasing American Energy,” Trump said in his post. “In fact, a very large scale transaction may take place concerning the purchase of Oil and Gas from the Great State of Alaska. Chris Wright, Doug Burgum, and our respective Energy teams will be meeting to see if such an Energy Deal can be worked out.”

“The agreements reached today will deliver Prosperity and Security to millions of Americans,” Trump said.