U.S. President Donald Trump stated today that following his meeting with Chinese President Xi Jinping, both sides reached a one-year agreement on critical rare earth supplies, with the possibility of extension in the future.

Speaking to reporters aboard Air Force One, Trump said, "All of the rare earth has been settled. And that's for the world, worldwide, you could say this was a worldwide situation, not just a US situation."

He added that the agreement is for one year and will be renegotiated annually.

Trump also stated, "There is no roadblock at all on rare earth."

Rare earths have long been a point of contention between the U.S. and China. The U.S. relies on China for approximately 70% of its rare earth imports.

He further announced that U.S. tariffs on fentanyl-related products from China would be reduced from 20% to 10%, effective immediately.

Notably, this move lowers the overall tariff rate on Chinese exports to the U.S. from 57% to 47%.

According to Trump, China has agreed to purchase soybeans.

He also discussed chips with Xi, stating that Chinese officials would negotiate chip purchases with Nvidia and other companies, but clarified that the latest Blackwell AI chip is not part of the negotiations.

Trump indicated in the interview that he will visit China next April, though he did not provide further details.