Trump meets Chinese President Xi in South Korea, lowers tariffs on China
US President Donald Trump has met with his Chinese counterpart Xi Jinping in South Korea, describing the meeting as “amazing” and stating that they both “agreed to almost everything” at the summit which held on Friday.
Trump has said the US will consequently ease tariffs on Chinese goods from 57 to 47 percent in exchange for China curbing the flow of fentanyl ingredients and resuming purchase of US soya beans. The US President also disclosed that the issue over US access to rare earth minerals has been settled.
He noted that the US can sign a trade deal with China “pretty soon”, adding that he would visit China in April while Xi will visit the US afterwards. The fate of TikTok was also brought to the fore of the discussions.
According to China’s Ministry of Commerce, the agreement between Donald Trump and Xi Jinping involves China suspending its implementation of relevant export control measures while the US will in exchange suspend widening trade restrictions and reducing tariffs on Chinese goods.
China’s imposition of restrictions on rare earth minerals, needed for modern technology, had escalated tensions between both countries, with Trump threatening to raise tariffs on Chinese products to 100 percent.
Trump’s announcements would be considered a breakthrough after the trade tensions between both economies.
