Trump cuts tariffs on China after meeting with Xi in South Korea
US President Donald Trump has cut tariffs on China after meeting Chinese leader Xi Jinping in South Korea.
Trump and Xi met on Thursday at the US-China summit meeting at Gimhae International Airport in Pusan, South Korea.
After the meeting, Trump said he would cut tariffs on China, while Beijing agreed to allow the export of rare earth elements. Trump added that Beijing also agreed to buy American soybeans.
He told reporters aboard Air Force One that the US would lower tariffs implemented earlier this year on China.
Washington and Beijing have been making efforts to maintain a fragile trade detente between the two countries.
In May, the two sides agreed to drop triple-digit tariffs on each other’s goods that had nearly stopped trade between the world’s two biggest economies.
Chinese imports were added a 30 percent levy, while American exports to China were charged a new 10 percent tariff.
The two sides have held repeated trade talks since then, discussing issues including the purchase of agricultural products, the trade of rare earths and advanced technology like semiconductors, and TikTok.
Trump described the Thursday summit in Pusan as a big success for the United States.
Previously, Beijing had said it viewed Trump’s tariffs as a “bullying” tactic, threatening to fight Washington to the end.
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