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The United States agreed to cut tariffs on Chinese importsfollowing talks between US President Donald Trump and Chinese President XiJinping in the South Korean city of Busan on Thursday.
Trump told reporters aboard Air Force One shortly after departingBusan that tariffs would be reduced to 47% from 57%, including a cut on leviesrelated to trade in fentanyl precursor chemicals to 10% from 20%. In return,Beijing pledged to curb the flow of fentanyl, resume US soybean purchases, andmaintain exports of rare earth minerals.
Held on the sidelines of the Asia-Pacific Economic Cooperation(APEC) summit, the meeting was the first between the two leaders since 2019 andlasted nearly two hours. Trump described it as “amazing,” explaining that thetariff reduction reflected confidence that China was taking “strong action”against the illicit fentanyl trade, which remains the leading cause of overdosedeaths in the United States.
The Busan meeting concluded Trump’s Asia tour, which included tradediscussions with South Korea, Japan, and Southeast Asian nations. He announcedplans to visit China in April, with Xi expected to travel to Washington soonafterward, while the Chinese leader—who has yet to comment on the outcome—isscheduled to address the APEC leaders’ summit later in the day.
The US president had repeatedly emphasized the prospect of reaching anagreement with Xi after US negotiators on Sunday announced a framework withChina to avoid 100% tariffs on Chinese goods and defer Beijing’s export curbson rare earths, a sector it dominates.
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