After “Excellent” Meeting with Xi, Trump Announces Tariff Reduction on China

U.S. President Donald Trump met with Chinese President Xi Jinping on Thursday (October 30). Describing the meeting as “extraordinary”, Trump announced a decision to reduce tariffs on Chinese goods from 57% to 47%.

However, Trump stated that in exchange for the tariff reduction, Beijing must resume purchasing American soybeans, continue rare earth exports, and take steps to stop the illegal trade of fentanyl.

The announcement came after face-to-face talks between Trump and Xi in Busan, South Korea — their first meeting since 2019. Busan was the final stop on Trump’s Asia tour, where he also highlighted his administration’s trade successes with South Korea, Japan, and Southeast Asian nations.

“I think it was an excellent meeting,” Trump told reporters aboard Air Force One shortly after departing Busan. He added that tariffs on Chinese imports would be reduced from 57% to 47%.

The meeting took place on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit and lasted about two hours. Before boarding his plane, Trump shook hands with Xi and escorted him to his car, as a red carpet send-off was held at the airport.

Following the meeting, Trump said that as part of a one-year agreement, China has agreed to continue exporting rare earth materials, which are crucial for the production of automobiles, aircraft, and weapons.

According to Reuters, Trump also said that Xi had pledged to take strong action to curb the flow of fentanyl, a powerful synthetic opioid responsible for a significant number of overdose deaths in the United States.

Trump added that the tariff reduction was made because he believed China was taking serious and sincere steps toward resolving these issues.

China has also agreed to suspend recently announced export controls on rare earth elements, which play a vital role in advanced manufacturing and have been one of Beijing’s most powerful tools in its trade war with the United States.