Wall Street Breakfast Trump, Xi agree on rare earth, tariff relief deal
Oct 30, 2025
The latest discussions revolve around a significant U.S.-China trade agreement regarding rare earths and the reduction of fentanyl tariffs. There's buzz about OpenAI potentially eyeing a $1 trillion IPO, even though it claims not to prioritize this now. Microsoft successfully resolves a global Azure outage that caused disruptions across various sectors. Additionally, Trump has ordered the Pentagon to resume nuclear tests after decades, while Meta faces a notable $16 billion loss and Starbucks reports a promising sales increase.
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One-Year Rare Earths And Tariff Deal
- The U.S. and China struck a one-year deal cutting fentanyl tariffs and agreeing on rare earths and critical minerals cooperation.
- Trump said overall tariffs drop to 47% and the rare earths pact will be reviewed and renegotiated annually.
Tariff Relief Tied To Purchases And Fentanyl Control
- China will resume purchases of U.S. soybeans and work to stop fentanyl as part of the exchange for tariff relief.
- Trade concessions were tied directly to Beijing's cooperation on narcotics and agricultural purchases.
NVIDIA Sales Discussed, Blackwell Chips Excluded
- Discussions touched on NVIDIA chip sales but did not include the latest Blackwell accelerators.
- Trump framed future access as a conversation between Beijing and the $5 trillion company.