BUSAN, South Korea: US President Donald Trump said on Thursday (Oct 30) he had agreed to reduce tariffs on China to 47 per cent in exchange for Beijing resuming US soybean purchases, keeping rare earths exports flowing and cracking down on the illicit trade of fentanyl.
His remarks after face-to-face talks with Chinese President Xi Jinping in the South Korean city of Busan, their first since 2019, marked the finale of Trump’s whirlwind Asia trip on which he also touted trade breakthroughs with South Korea, Japan and Southeast Asian nations.
“I thought it was an amazing meeting,” Trump told reporters aboard Air Force One shortly after he departed Busan, adding that tariffs imposed on Chinese imports would be cut to 47 per cent from 57 per cent.
China has also agreed to keep rare earth exports flowing to the world as part of a one-year agreement, Trump said.
The agreement, which Trump provided few details about except that it would probably be extended, would “settle” the issue, he said.
China has yet to comment on what was agreed by the two leaders in talks, which ran for almost two hours.
