Trump-Xi Meeting Yields Tariff Cuts, Soybean Deal; US Leader Predicts ‘Pretty Soon’ Trade Pact
BUSAN, SOUTH KOREA: US President Donald Trump and Chinese leader Xi Jinping concluded a high-stakes, 100-minute meeting on Thursday, marking a critical step toward stabilizing relations following months of intense trade turmoil. Emerging from the talks at Gimhae International Airport, President Trump stated that Washington and Beijing were “in agreement on many things” and promptly announced that the US could sign a trade deal with China ‘pretty soon.’
While aboard Air Force One, President Trump provided key details on the agreements reached:
Tariff Reduction: The US will immediately lower tariffs on imports of Chinese goods to 47%. This includes reducing the specific tariffs previously implemented in response to the flow of fentanyl precursor chemicals.
Fentanyl & Soybeans: The tariff rates tied to the fentanyl issue will be lowered, and in return, China will begin purchasing US soybeans in bulk, a move Trump “appreciated.”
Rare Earths: The dispute over rare earth elements—critical minerals for high-tech industries—was declared “settled.” Trump stated there is “no roadblock from China anymore,” resolving a worldwide concern over export limits.
In his opening remarks, President Xi Jinping called for the US and China to be “partners and friends,” acknowledging that while the two leading economies “do not always see eye to eye,” they are “fully able to help each other succeed and prosper together.”
The leaders met on the final day of Trump’s trip to Asia, and the optimism generated by the talks appears to have temporarily eased global market fears that the trade war could “risk blowing up the world economy.” Following the summit, Trump announced he would travel to China in April, with Xi planning a reciprocal visit to the US sometime after.
