Beijing: In a major development during the Asia-Pacific Economic Cooperation (APEC) Summit in Busan, South Korea, US President Donald Trump on Wednesday said his meeting with Chinese President Xi Jinping resulted in “a great success.” Following the meeting, Trump slashed tariffs on Chinese imports in a major breakthrough in the trade ties between the world’s two biggest economies.
Both the countries reached a breakthrough on rare earth deal. This deal was a major point of contention between them. Trump said they reached a one-year extendable agreement on China’s supply of crucial rare earths.
Trump, speaking after the hour-and-forty-minute meeting, announced that the US will reduce tariffs on Chinese imports from 57 per cent to 47 per cent. He also revealed a separate cut on “fentanyl tariffs” — from 20 per cent to 10 per cent — saying it came after Xi’s assurance that China would work “very hard to stop the flow” of fentanyl.
He added that both leaders discussed the ongoing war in Ukraine and agreed to “work together to see if we can get something” in resolving the conflict. “He’s going to help us,” Trump said, referring to Xi’s willingness to engage on the issue.
The US President also announced that he would visit China in April next year, while Xi is expected to make a reciprocal visit to the U.S. later — possibly to Palm Beach, Florida, or Washington D.C.
The Busan meeting marks a potential thaw in U.S.-China trade relations after years of tensions. The tariff reductions and the rare earth deal could help stabilize supply chains and signal a move towards renewed economic cooperation between the two global powers.
Trump described the meeting as “very productive,” saying both sides left with “a much better understanding” on trade, security, and global challenges.
Trump further said the issue of Taiwan did not come up during the meeting. “Taiwan never came up. That was not discussed actually,” he told reporters.
