Factsheet highlights $350 billion investments, soybean exports, and semiconductor tariff exclusions amid ongoing South Korea coordination.

U.S. President Donald Trump held a summit with Chinese President Xi Jinping in Busan on the 30th of last month, the first in six years, and reached partial trade agreements. The White House released a ‘factsheet’ detailing the outcomes two days later, on the 1st. Trump’s summit with President Lee Jae-myung took place one day earlier, on the 29th, but no formal document has been published yet. Howard Lutnick, the U.S. Secretary of Commerce overseeing tariff negotiations, stated that semiconductor tariffs were not included in the agreement, contrary to the South Korean government’s explanation, and claimed that South Korea had pledged 100% market openness. Observers note that the U.S. and South Korea are still coordinating details. The selection of $350 billion (approximately 500.75 trillion Korean won) in U.S. investment destinations, which requires ‘economic rationality,’ has also drawn attention, with Lutnick and Treasury Secretary Scott Bessent already naming Alaska’s energy projects.

The White House released the factsheet on Saturday afternoon, stating, “This week, President Trump signed a trade and economic agreement with President Xi in South Korea,” calling it a “huge victory” that prioritizes U.S. workers, farmers, and households while protecting national security and economic power. It highlighted achievements such as allowing U.S. soybean and agricultural exports through China’s market opening, halting retaliatory measures against U.S. semiconductor manufacturers and other key companies, effectively abolishing controls on rare earth and other critical minerals, and blocking the inflow of precursor chemicals used in fentanyl production. Trump reduced the 20 percentage points tariff on fentanyl imposed on China to 10 percentage points, hinting at a further 10 percentage points reduction—effectively eliminating it—if Beijing shows commitment to enforcement by the 31st.

Notably, the agreement stated that “China will withdraw retaliatory measures taken under Section 301 of the Trade Expansion Act in response to the U.S. investigation into securing dominance in maritime, logistics, and shipbuilding, and lift sanctions imposed on various shipping companies.” Last month, the Chinese Ministry of Commerce applied the Anti-Foreign Sanctions Law to place five U.S. subsidiaries of Hanwha Ocean, including Hanwha Philly Shipyard, on a sanctions list. The U.S. government condemned this as “economic coercion,” with Secretary of State Marco Rubio and U.S. Trade Representative Jamieson Greer issuing critical statements. Beijing has accepted these objections. Under the agreement, the U.S. will suspend measures targeting China’s maritime, logistics, and shipbuilding sectors for one year. The White House added, “While continuing historic cooperation with South Korea and Japan to rebuild the U.S. shipbuilding industry, we plan to negotiate with China.”

Additionally, China agreed to purchase at least 12 million tons of U.S. soybeans in the remaining two months of this year and a minimum of 25 million tons over the next three years. It also ended antitrust investigations targeting U.S. semiconductor companies in the supply chain and took appropriate measures to allow Dutch semiconductor company Nexperia to export globally from its Chinese production facilities. In return, the U.S. will reduce the 10 percentage points tariff imposed to block fentanyl inflow starting on the 10th. It will also maintain the significantly lowered 100% tariff rate, achieved through four rounds of high-level negotiations, until November 10th next year. Regarding the agreement with South Korea, the White House stated, “We have secured billions of dollars in investments that will create U.S. jobs, strengthen energy dominance, enhance technological leadership, and support maritime cooperation between the U.S. and South Korea.”

Source: Chosun

• USTR Makes Findings and Proposes Action in 60 Section 301 Investigations Relating to Failures to Take Action on Trade in Forced Labor Goods
• [VCCI] The US officially initiates a Section 301 Investigation into Vietnam on Intellectual property
• General Secretary and President To Lam's working visit to three ASEAN countries: Demonstrating the stature of proactive and constructive diplomacy.
• Viet Nam accelerates innovation drive as skilled workforce becomes key to science and technology growth
• The US is increasing controls on AI chip exports