Trump announces deal with China - Tariffs on Chinese imports will be reduced to 47%
US President Donald Trump returned to Washington on Monday after a one-on-one meeting with Chinese leader Xi Jinping on the final day of his Asia tour, a visit that gave the world's two largest economies a chance to mend strained relations after months of trade frictions.
After the meeting, which lasted just over 100 minutes, Trump declared that Washington and Beijing had reached “agreements on many issues.” The American leader announced that tariffs on Chinese imports would be reduced to 47% and that China would begin buying large quantities of soybeans. “Which I appreciate very much,” he added.
Beijing had faced new tariffs totaling 30% this year, 20% of which were related to what Washington claims is China's role in the production of fentanyl. However, the tariff levels have been volatile. In April, Trump announced plans to increase them to 145%, but later abandoned the idea after markets reacted negatively.
"The whole rare earth issue is resolved. And that's about the whole world, not just the United States. There's no more obstruction from China now," Trump told reporters.
Trump's aggressive use of tariffs since returning to the White House for a second term, combined with China's retaliatory restrictions on rare earth exports, gave the meeting a sense of urgency. Both sides acknowledged that neither wants to jeopardize the global economy in ways that could harm their own countries' well-being.
At the start of the meeting, the Chinese leader spoke at length than Trump in his opening remarks, saying: “It’s very nice to see you again, because it’s been so many years. We don’t always agree on everything,” Xi added, noting that “it’s normal for the world’s two major economies to clash from time to time.”
However, he stressed that China and the US “are fully capable of helping each other succeed and progress together.” For his part, Trump praised the Chinese leader and announced that he would travel to China in April.
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