President Xi Jinping and President Trump (right) [Reuters Yonhap News Archive Photo]

The White House released a fact sheet on May 17 (local time) detailing the outcomes of the US-China summit, which included China's large-scale purchase of US agricultural products and the establishment of a US-China trade commission.

Regarding rare earth elements and critical minerals, which have become a key leverage for China, the fact sheet only included wording such as "addresses US concerns." It also contained a statement confirming the common goal of "denuclearization of North Korea."

According to the White House fact sheet, China has agreed to purchase a minimum of $17 billion (25.5 trillion won) worth of US agricultural products annually by 2028. 2028 is effectively the final year of President Donald Trump's second term, which ends on January 20, 2029.

The agreement also includes provisions for China to renew export permits for over 400 US beef facilities and to cooperate with US regulatory authorities to lift all restrictions on US beef facilities.

China will also purchase 200 US Boeing aircraft and resume poultry imports from US states certified as avian influenza-free.

In relation to rare earth elements and critical minerals, with examples such as yttrium, scandium, neodymium, and indium cited, the fact sheet stated only that "China will address US concerns regarding supply chain shortages."

Regarding the prohibition or restriction on the sale of equipment and technology used in the production and processing of rare earth elements, the statement also included that China would address US concerns.

No specific commitments were included from the Chinese side. Last year, China countered the Trump administration's high tariffs with export controls on rare earth elements and critical minerals, leading to a "trade truce."

President Trump and Chinese President Xi Jinping also agreed to establish a trade commission and an investment commission.

The White House explained that the trade commission would handle trade in non-sensitive goods.

President Trump and President Xi agreed that Iran should not possess nuclear weapons and called for the open navigation of the Strait of Hormuz, the White House reported.

Furthermore, the two leaders agreed that no country or entity should be allowed to impose transit fees in the Strait of Hormuz.

The White House also reported that Presidents Trump and Xi confirmed their common goal of denuclearizing North Korea during the summit.

Previously, China's Xinhua News Agency only reported that Presidents Trump and Xi exchanged views on major international and regional issues such as the situation in the Middle East, the Ukraine crisis, and the Korean Peninsula, without providing detailed explanations.

The White House stated, "Presidents Trump and Xi agreed that the United States and China should build a constructive relationship of strategic stability based on fairness and reciprocity," adding, "President Trump has negotiated comprehensive commitments that will create high-paying jobs and open new markets for American products."

The phrase "constructive relationship of strategic stability" first appeared in China's announcement of the summit results, and the US also included it verbatim in its announcement of the meeting's outcomes.

Ahead of the November midterm elections, President Trump sought to secure tangible achievements during his visit to China, such as large-scale exports of US agricultural products and Boeing aircraft. The scale of China's purchase of Boeing aircraft and discussions related to Iran were previously disclosed through President Trump's media interviews.

However, some have pointed out that President Trump's visit to China only resulted in securing short-term achievements, such as increased agricultural sales. The export of Boeing aircraft was also analyzed as falling short of expectations compared to the projected 500-aircraft scale.

Conversely, President Xi was assessed to have approached the meeting with President Trump with a focus on long-term strategies, actively raising Taiwan as an agenda item and creating a framework for equal competition between the US and China.