US President Donald Trump on Thursday said that tariffs on Chinese goods will be reduced from 57 to 47per cent, following what he called an “amazing" meeting with Chinese President Xi Jinping in Busan, South Korea.
After the talks, Trump said that “a lot of decisions were made" and that both sides had reached several important understandings on trade and cooperation.
Speaking after more than two hours of closed-door talks with Xi in Busan, Trump said that “a lot of decisions were made” and that “conclusions on very important things” would be announced soon.
“I wouldn’t say everything was discussed,” Trump told reporters. “But it was an amazing meeting. We agreed that President Xi will work very hard to stop fentanyl, soybean purchases will start immediately, and tariffs on China will be lowered from 57 per cent to 47 per cent.”
Rare earths deal ends months of tension
One of the most significant outcomes concerned rare earths, critical minerals used in high-tech manufacturing, electric vehicles, and defence equipment. "All the rare earth issue has been settled," Trump said, noting that there would be "no more roadblocks" affecting Chinese exports to the United States.
A US official travelling with Trump confirmed that Beijing has agreed to continue exporting rare earths to the US under a one year arrangement that both sides expect to renew.
The agreement is likely to ease supply chain worries that had troubled American technology and defence companies in recent months.
Trump and Xi met in South Korea's Busan earlier in the day after six years. Trump described Xi Jinping as a "tough negotiator" and said he was hopeful of a "fantastic deal" during the talks on trade and tariffs. The Chinese president voiced similar optimism, saying it is normal for the world’s two largest economies to have friction, but China and the United States should build a stable foundation and support each other’s progress.
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