U.S. President Donald Trump and China's Xi Jinping held a crucial meeting at Busan airport in South Korea, following which Trump lauded the talks as "amazing," giving them a "12 on a scale of one to 10." 

The summit resulted in a significant, though partial, cooling of the prolonged trade war between the world's two largest economies.

On the American side, the U.S. agreed to reduce the overall tariff rate on Chinese imports—specifically halving the fentanyl-related tariffs from 20% to 10%.

In return, China agreed to a one-year suspension of its new export controls on rare earths, which are critical minerals necessary for high-tech items like electric vehicles and smartphones, thereby removing what Trump called "no roadblock at all" on the issue. 

Furthermore, China committed to the immediate purchase of "massive" quantities of U.S. farm products, including soybeans.

According to the BBC, while the agreements provide a crucial, one-year pause in hostilities with global ramifications, it remains a fragile truce based on stated commitments, as the two superpowers have yet to formalize the deal with a signed document.