PNN – The US President announced that he had agreed to reduce tariffs imposed on Beijing in exchange for China’s continued exports of rare earth minerals and combating the illegal trade in fentanyl.
According to the report of Pakistan News Network, citing Reuters, US President Donald Trump announced after meeting with his Chinese counterpart Xi Jinping in South Korea that in exchange for Beijing resuming purchases of American soybeans, continuing exports of rare earth minerals, and combating the illegal trade in fentanyl, it has agreed to reduce tariffs imposed on China to 47%.
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Trump’s comments came after face-to-face talks with Xi Jinping in the South Korean city of Busan. It was their first meeting since 2019 and the highlight of his high-profile Asian tour, during which he also highlighted trade gains with South Korea, Japan and Southeast Asian nations.
Trump told reporters aboard Air Force One shortly after leaving Busan: I think it was a great meeting. Tariffs on Chinese imports will be reduced from 57% to 47%.
As Trump outlined the details of the agreement, global stock markets experienced sharp fluctuations, with major Asian indices and European futures swinging between gains and losses.
The meeting, held on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit, lasted nearly two hours. Trump shook hands with Xi and walked him to his car, then personally escorted the South Korean officials down the red carpet to Washington.