US and China agree to one-year pause on punitive tariffs

The US and China have agreed to a one-year pause on the punitive tariffs that were at the core of the ongoing trade war between the two countries. The agreement was reached during a meeting between US President Donald Trump and Chinese leader Xi Jinping in Busan, South Korea. As part of the temporary truce, China reportedly agreed to pause its new measures on rare earth metals, which are critical for various industries, including military equipment. In exchange, Trump agreed to lower Chinese tariffs by 10 percent. The leaders also discussed the issue of semiconductors, with Trump suggesting the possibility of allowing NVIDIA to sell its AI chips to China. However, there was no resolution on the future of TikTok's operations in the US. The article emphasizes the importance of rare earth metals and the ongoing tensions between the US and China over trade and technology-related issues, as well as the temporary nature of the current agreement.