US President Donald Trump announced a reduction in tariffs on Chinese goods following what he described as a highly successful meeting with Chinese President Xi Jinping in South Korea. The two leaders reportedly reached several agreements aimed at easing trade tensions and improving bilateral cooperation.
Trump confirmed that the tariffs on China would be reduced from 20% to 10%, lowering the overall rate from 57% to 47%. He said the move was part of a broader effort to stabilize economic ties after months of strained trade relations.
Beijing, in return, has agreed to resume exports of rare earth elements to the United States and to restart large-scale purchases of American soybeans. The leaders also discussed expanding technology trade, including talks involving US chipmaker Nvidia and Chinese officials on advanced semiconductor exports.
Trump expressed optimism about the outcome, rating the meeting a “12 out of 10” and indicating that a formal trade agreement could be signed soon. He also mentioned plans to visit China in April, with Xi expected to visit the United States later in the year.