Trump Slashes China Tariffs After ‘Truly Great Meeting’ with Xi Jinping
President Donald Trump announced a cut to tariffs on Chinese imports after what he described as a “truly great” meeting with the country’s leader Xi Jinping in South Korea and a deal aimed at cooling the trade war between the two economies.
Speaking aboard Air Force One after the summit at Gimhae Air Base in Busan, Trump said tariffs on Chinese goods would drop to 47 percent, down 10 percent from previous levels, while Beijing agreed to delay rare earth mineral restrictions for a year and resume large-scale purchases of American soybeans.
“I would say on a scale from 1 to 10, with 10 being the best, I would say the meeting was a 12,” Trump said. “A truly great meeting.”
It was the first face-to-face encounter between the two leaders since Trump’s return to the White House in January.
Xi called trade the “ballast and propeller” of US-China relations, urging both sides to “focus on the bigger picture and the long-term benefits of cooperation, rather than fall into a vicious cycle of mutual retaliation.”
Washington, in turn, agreed to suspend for one year an investigation into China’s shipbuilding sector and pause a rule expanding export controls. Beijing will also increase cooperation on halting fentanyl precursors, which Trump has accused China of facilitating, and boost agricultural imports.
Taking to Truth Social, the president wrote:
I had a truly great meeting with President Xi of China. There is enormous respect between our two Countries, and that will only be enhanced with what just took place. We agreed on many things, with others, even of high importance, being very close to resolved. I was extremely honored by the fact that President Xi authorized China to begin the purchase of massive amounts of Soybeans, Sorghum, and other Farm products. Our Farmers will be very happy! In fact, as I said once before during my first Administration, Farmers should immediately go out and buy more land and larger tractors. I would like to thank President Xi for this! Additionally, China has agreed to continue the flow of Rare Earth, Critical Minerals, Magnets, etc., openly and freely. Very significantly, China has strongly stated that they will work diligently with us to stop the flow of Fentanyl into our Country. They will help us end the Fentanyl Crisis. China also agreed that they will begin the process of purchasing American Energy. In fact, a very large scale transaction may take place concerning the purchase of Oil and Gas from the Great State of Alaska. Chris Wright, Doug Burgum, and our respective Energy teams will be meeting to see if such an Energy Deal can be worked out. The agreements reached today will deliver Prosperity and Security to millions of Americans. After this Historic trip to Asia, I am now heading back to Washington, D.C. I want to thank the Great Countries of Malaysia, Japan, and South Korea for being so generous, gracious, and hospitable — Also, Australia, Canada, New Zealand, Singapore, Thailand, and Vietnam, who were at the Dinner last night hosted by His Excellency Lee Jae Myung. Hundreds of Billions of Dollars are being brought into our Country because of them. Our Nation is Strong, Respected, and Admired Again and, THE BEST IS YET TO COME!
The agreement marks a major easing from the peak of the trade war earlier this year, when tariffs soared to 145 percent. But despite the cut, the new rate remains well above pre-Trump levels.
Trump said the countries expect to “finalize the trade deal pretty soon,” but added that the agreement would be renewed annually.
“Now every year, we’ll renegotiate the deal, but I think the deal will go on for a long time, long beyond the year,” he said.
Watch above via Fox News.
