Trump-Xi Meeting After FOMC: Everything To Know About Last Night’s Showdown

It finally happened. US President Donald Trump and Chinese President Xi Jinping met face-to-face in Busan, South Korea on 30 October 2025. This is their first in-person encounter after six years. A major breakthrough was apparently achieved on rare earth minerals, essential for manufacturing electronics, vehicles and defense material, according to The Guardian’s coverage of the meeting. Observers view the meeting held at Gimhae Air Base as a potential turning point in the tense relationship between two of the world’s largest economies.

According to CNN World, both leaders exchanged greetings when they met. Trump praised Xi, calling him a “great leader of a great country.” “We’re going to have a fantastic relationship for a long period of time,” he added.

Responding to Trump, Xi said, “We do not always see eye to eye with each other, and it is normal for the two leading economies of the world to have frictions now and then. You and I at the helm of China-US relations should stay the right course.” He further added that the two nations should “prosper together.”

Trump:

"President Xi is a great leader, and his country is great, and I believe we will build a wonderful and long-term relationship. We have already agreed on many things and will agree on more now. It is an honor for me to host him with us."

Activists:

"Xi holds all the… pic.twitter.com/Ze9IPyyl9x

— RussiaNews (@mog_russEN) October 30, 2025

At the meeting, Foreign Minister Wang Yi and Senior Advisor Cai Qi, Xi’s right-hand man, accompanied the Chinese President. Also present were Vice Foreign Minister Ma Zhaoxu, Vice Premier He Lifeng, and Zheng Shanjie, who oversees China’s economic planning, along with Commerce Minister Wang Wengtao.

On the American side, Trump was accompanied by Secretary of State Marco Rubio, Treasury Secretary Scott Bessent, Trade Representative Jamieson Greer, Commerce Secretary Howard Lutnick, US Ambassador to China David Purdue, and White House Chief of Staff Susie Wiles.

This meeting in Busan caps off Trump’s five-day visit across Asia.

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Trump: “Roadblock Is Gone Now, There’s No Roadblock At All On Rare Earths.”

Trump announced from Air Force One that this issue has been resolved, stating, “All of the rare earth has been settled. That roadblock is gone now, there’s no roadblock at all on rare earths.” As part of the negotiations, the agreement is set for one year with a scope for annual extensions.

Also, as part of the Trump-Xi meeting in Busan, China has reportedly agreed to resume its import of U.S. soybean, a major concern for American farmers.

Trump also revealed that he and Xi discussed China buying chips from Nvidia, but clarified that the U.S. was acting more as an “arbitrator or referee” in the matter. When asked about whether Nvidia’s new Blackwell AI chip would be sold to China, Trump said, “We’re not talking about the Blackwell, but a lot of chips, you know, a lot of the chips. And that’s good for us.”

BREAKING: TRUMP STRIKES 1-YEAR RARE EARTH DEAL WITH CHINA

Trump just secured America's critical mineral supply chain in exchange for tariff cuts.

The catch? This "deal" gets renegotiated every single year.

China controls 90% of rare earth processing needed for… https://t.co/AaMBGBsYRR pic.twitter.com/SFOWSDWdAn

— Mario Nawfal (@MarioNawfal) October 30, 2025

Another key outcome was Xi’s promise to “work very hard to stop the flow” of chemicals used to make fentanyl. Trump had earlier hinted that he would lower tariffs on Chinese goods if Beijing was serious about cutting down the fentanyl trade. The US had put a 20% tariff on Chinese products specifically for this reason. Today after the meeting, Trump said that he’s reducing that to 10%, bringing the overall tariff from 57% to 47%.

Prior to the face-off, Trump had predicted “a very successful meeting.” And this indeed looks like a fruitful attempt at bringing some semblance of normalcy between the two countries.

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FOMC: Fed Cuts 25bps In a 10-2 Committee Vote

At the FOMC (Federal Open Market Committee) meeting held on 29 October 2025, Fed (Federal Reserve) Chair Jerome Powell announced a 25 basis point rate cut, bringing the federal funds rate down to 4.75%. Powell emphasized that inflation remains “stubbornly above target,” but the Fed sees signs of cooling in consumer spending and wage growth.

“Available indicators suggest that economic activity has been expanding at a moderate pace. Job gains have slowed this year, and the unemployment rate has edged up but remained low through August; more recent indicators are consistent with these developments. Inflation has moved up since earlier in the year and remains somewhat elevated,” the FOMC statement said.

October FOMC decision:

-The Fed cut rates as expected by 25 bps.

-There were two dissents. Schmid favored no cut, and Miran wanted 50 bps.

-The Fed will end QT on Dec. 1. MBS redemptions will be invested into T-bills after that.

-The statement changes mostly mark to market… pic.twitter.com/nh6xEwfnNb

— Nick Timiraos (@NickTimiraos) October 29, 2025

The committee made the decision with a 10-2 vote. Newly appointed Governor Stephen Miran pushed for a deeper 50bps reduction, while Kansas City Fed President Jeffrey Schmid opposed any cut altogether.

Meanwhile, Powell reiterated that the Fed will base future rate decisions on data. He cited slow growth in Europe and China as key influences on its outlook.

The market responded with mixed signals. The Dow fell 74 points. The Nasdaq rose 0.6% to a record close. And the S&P 500 ended flat. The chances of a December rate cut fell from over 90% to below 69%, according to CME’s FedWatch tool.

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