<h1>U.S. and China leaders agree preliminary trade framework to ease tariffs, rare-earth limits, and boost cooperation on soy and fentanyl</h1> Leaders of the United States and China met in Busan to seek stabilization after months of trade turmoil driven by U.S. tariffs and Chinese export controls on rare earths; officials signaled avoidance of a threatened 100% additional import tax and China indicated willingness to relax rare-earth limits and purchase U.S. soybeans. U.S. tariff cuts tied to fentanyl cooperation were publicly floated, and prior negotiators reported a 'preliminary consensus' and framework. Markets reacted positively, but strategic competition over manufacturing, advanced technologies and geopolitical influence persists, and talks appear aimed at short-term volatility management rather than resolving deeper rivalry.