US President Donald Trump announced on Thursday that tariffs on Chinese products will be reduced from 57% to 47%, following what he described as a highly successful meeting with Chinese President Xi Jinping.
Speaking aboard Air Force One, Trump said the two leaders reached several important understandings during their talks in Busan, South Korea.
He confirmed plans to visit China in April for a new round of discussions, while Xi is expected to make a reciprocal visit to the United States later this year, either in Florida, Palm Beach, or Washington, D.C.
Trump said China will immediately begin purchasing large quantities of soybeans and other agricultural products from the United States as part of efforts to rebalance trade relations.
He also announced an agreement with Xi to ease restrictions on China’s exports of rare earth minerals, a key component in global technology supply chains.
According to Trump, previous trade barriers have been removed, and the new agreement will initially be implemented for one year. However, he did not provide further details about the specific terms of the deal.
Praising Xi as a “great leader of a very strong nation,” Trump emphasized that the negotiations achieved significant progress and laid the foundation for deeper cooperation between Washington and Beijing in the months ahead.
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