Trumps announces cutting China tariffs to 47% after meeting with Xi Jinping

Following his meeting with Chinese President Xi Jinping in South Korea, US President Donald Trump announced a series of breakthroughs in trade discussions.

He said that tariffs on Chinese goods would be reduced from 57% to 47%. 

Moreover, China would immediately resume imports of American soybeans.

Trump also confirmed that the long-standing dispute over rare earth exports had been resolved, eliminating future barriers. 

Additionally, he noted that President Xi had pledged to intensify efforts to curb the flow of fentanyl shipments.

This is the first in-person encounter of the Chinese president and Trump since his return to office in January.

Trump arrived in South Korea on Wednesday, following a stop in Japan, part of an Asia tour focused on strengthening regional partnerships and addressing trade and defense issues. The meeting with Xi follows renewed tensions over tariffs and technology controls, as well as China’s recent export restrictions on rare earth materials.