MercoPress. South Atlantic News Agency

Trump cuts down tariffs with China after meeting with Xi Jinping

Trump will visit China in April, and Xi will reciprocate sometime after that

US President Donald Trump announced a reduction in tariffs on Chinese goods following Wednesday's meeting in South Korea with his Chinese counterpart, Xi Jinping.

Trump dubbed the encounter in the South Korean city of Busan as the “most important event” of his Asian tour, marking a significant de-escalation in the months-long trade war. Speaking to reporters aboard Air Force One, President Trump characterized his more than 90-minute session with Xi as a “great success,” giving it a “12” on a scale of zero to 10. “We have a deal” on the table and an agreement is to be signed “pretty soon,” he added.

The US President confirmed he would lower the overall tariff rate on imports of Chinese goods from 57% to 47% following commitments from Xi, including promises to curtail shipments of fentanyl ingredients to the US. In addition, several trade conflicts were resolved.

China will immediately resume purchasing US soybeans, thus providing relief to American farmers, while the conflict surrounding rare earth minerals critical for technology manufacturing was reportedly “settled.” This outcome effectively ended a previous US threat to impose an additional 100% tariff on Chinese goods starting on Nov. 1.

“Our two countries are fully capable of helping each other achieve success and prosperity together,” Xi said, stressing his long-held view that the US and China should be “partners and friends.” He also noted that trade negotiators from both sides had made progress in addressing “major concerns” and acknowledged that while the two leading economies “do not always see eye-to-eye,” relations have been “stable on the whole.”

Future talks are already scheduled, with Trump announcing he would travel to China in April for new negotiations, and President Xi expected to visit the US sometime after that.