Trump-Xi trade talks over tariffs, tech controls and rare earths

25 Oct 2026

Trump and Xi are trying to preserve a fragile trade truce while tariffs, export controls, and rare earth access remain unresolved. The core struggle is less about one agreement than about whether economic leverage can be used without triggering broader retaliation or supply chain disruption. Washington’s chip restrictions and Beijing’s control over critical minerals and related technologies have turned trade policy into a contest over strategic dependence. The talks matter because they affect inflation, business planning, and the flow of advanced technology and materials that underpin global manufacturing. What remains at stake is whether both sides can turn temporary restraint into a more durable framework or drift back toward escalation.