US President Donald Trump on Thursday announced a 10% reduction in tariffs on Chinese goods, bringing them down from 57% to 47%, following trade discussions with Chinese President Xi Jinping in Busan, South Korea.<\/p>\n
Trump said that Washington and Beijing have reached several key understandings on trade and cooperation, particularly regarding the rare earths sector, which has been a point of contention between the two countries.<\/p>\n
Speaking to reporters aboard Air Force One, Trump said the rare earth export issue has been resolved and confirmed that the US has signed a one-year trade pact with China.<\/p>\n
\n\u201cWe focused on export controls of China on rare earth, and they\u2019re going to keep those flowing, which is quite important,\u201d Trump said.<\/p>\n<\/blockquote>\n
He emphasized that there is no roadblock at all on rare earth supplies, expressing optimism that the issue will “hopefully disappear from our vocabulary for a little while.”<\/p>\n
Also Read:<\/strong> ITR Deadline Extended by High Courts to Nov 30, 2025<\/a><\/em><\/p>\n
Fentanyl Tariffs Cut to 10%<\/h2>\n
In addition to general tariff cuts, Trump announced a reduction in fentanyl-related tariffs on Chinese imports, lowering them from 20% to 10%. The move signals a further easing of trade tensions between the two nations following months of escalating tariff threats.<\/p>\n
\u2018We Have a Deal,\u2019 Says Trump<\/h2>\n
Describing his meeting with Xi as \u201camazing\u201d, Trump praised the Chinese President as \u201ca great leader\u201d and noted that \u201ca lot of decisions were made\u201d during their discussions.<\/p>\n
\n\u201cWe have come to a conclusion on many important points and we will be handing them to you in a little while,\u201d he said.<\/p>\n<\/blockquote>\n
Trump rated the meeting \u201c12 out of 10\u201d and said both nations have reached key understandings on trade and cooperation.<\/p>\n
China to Resume Soybean Purchases<\/h2>\n
Trump also mentioned that China will resume buying large quantities of US soybeans, a move he \u201cappreciated.\u201d The comment came amid optimism about renewed agricultural trade between the two countries.<\/p>\n
Background: Meeting Ahead of APEC Summit<\/h2>\n
The Busan meeting took place ahead of the 2025 APEC Summit, with Trump earlier hinting at the possibility of a trade deal. When asked by reporters if he planned to sign one, Trump had said, \u201ccould-be,\u201d signaling cautious optimism.<\/p>\n
He described his relationship with Xi as \u201cfantastic\u201d and expressed confidence in long-term cooperation, calling Xi a \u201cvery tough negotiator.\u201d<\/p>\n
Tariffs Threat and Urgency of Talks<\/h3>\n
The meeting carried significant importance as Trump had earlier threatened new 100% tariffs on Chinese goods effective November 1, in retaliation for China\u2019s expanded export controls on rare earth magnets and minerals.<\/p>\n
However, US negotiators confirmed before the meeting that they had reached a framework agreement with China to avoid the 100% tariffs and defer Beijing\u2019s export curbs in the rare earth sector.<\/p>\n
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