2 hours ago
Last Updated:October 30, 2025, 10:37 IST
Trump said the two leaders agreed that President Xi would “work very hard to stop fentanyl”
News18
US President Donald Trump on Thursday announced that tariffs on Chinese goods will be reduced from 57% to 47%, following what he described as an “amazing" meeting with Chinese President Xi Jinping in Busan, South Korea.
Speaking after the talks, Trump said “a lot of decisions were made" and that both sides reached key understandings on trade and cooperation. He said the two leaders agreed that President Xi would “work very hard to stop fentanyl" and that more conclusions on “very important things" would be shared soon.
Trump also announced an extendable one-year agreement with China on the supply of critical rare earth minerals. “All the rare earths have been settled, and that’s for the world," he told reporters aboard Air Force One, adding that the arrangement would be valid for one year and re-negotiated annually. The deal marks a key step in ensuring stable global access to rare earths — materials vital for electronics, electric vehicles, and defense manufacturing.
Outlining other trade measures, Trump said China had agreed to purchase American farm products, including soybeans, and to intensify efforts to curb the illicit fentanyl trade. He added that both sides discussed semiconductor cooperation, with China expected to hold talks with Nvidia.
Confirming that the US and China would sign a one-year trade deal, Trump said it could be extended later. He also announced that tariffs on fentanyl-linked imports from China would be reduced to 10% from 20%, bringing the overall tariff rate down to 47%. “We have not spoken about Blackwell chips," Trump clarified, adding that he plans to visit China in April, with a reciprocal visit by Chinese officials to follow.
The News Desk is a team of passionate editors and writers who break and analyse the most important events unfolding in India and abroad. From live updates to exclusive reports to in-depth explainers, the Desk d...Read More
The News Desk is a team of passionate editors and writers who break and analyse the most important events unfolding in India and abroad. From live updates to exclusive reports to in-depth explainers, the Desk d...
Read More
First Published:
October 30, 2025, 10:23 IST
News world Trump Cuts China Tariffs To 47%, Strikes One-Year Rare Earths Deal After 'Amazing' Meeting With Xi
Disclaimer: Comments reflect users’ views, not News18’s. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Read More
