Trump cuts China tariff after Xi signals fentanyl, trade progress

President Donald Trump mentioned Thursday he’ll reduce tariffs on Chinese language imports after a much-anticipated assembly with Chinese language President Xi Jinping in South Korea, citing new agreements on fentanyl enforcement, agricultural commerce and a pause on uncommon earth export restrictions.

The assembly within the metropolis of Busan marked the ultimate cease of Trump’s Asia journey, which additionally included stops in Malaysia and Japan, and was geared toward cooling the financial standoff between Washington and Beijing.

Since returning to the White Home in January, Trump has imposed excessive tariffs on Chinese language imports — a transfer that prompted Beijing to tighten its management over uncommon earth exports. Each leaders expressed curiosity in easing tensions to keep away from additional shocks to the worldwide economic system.

Forward of Thursday’s summit, U.S. and Chinese language aides indicated the dialogue would give attention to tariffs, high-technology exports and provide chain competitors — key sticking factors which have lengthy outlined the connection between the 2 powers. Trump instructed reporters he believed the 2 sides may attain frequent floor.

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President Donald Trump, left, and Chinese language President Xi Jinping, proper, shake fingers earlier than their assembly at Gimhae Worldwide Airport in Busan, South Korea, Thursday, Oct. 30, 2025. (AP Picture/Mark Schiefelbein)

After the talks, Trump mentioned he and Xi had had “an excellent assembly” and that either side had reached “a wonderful set of selections” on key financial and safety points. The president mentioned Xi agreed to right away start buying U.S. soybeans and different agricultural merchandise and that China would work “very exhausting” to forestall fentanyl from getting into the U.S.

Trump mentioned he would reduce the tariff on Chinese language imports by 10 factors — from 20% to 10%, based on his description — though an aide clarified that the tariffs could be nearer to 45-47%, in response to Xi’s pledge to crack down on the circulate of fentanyl.

“I consider he’ll work very exhausting to cease the deaths coming in,” Trump mentioned.

The 2 sides additionally reached an settlement on uncommon earth exports, when China agreed to droop deliberate export controls for a 12 months, Trump mentioned. A senior authorities official later clarified that each leaders agreed to revisit the settlement subsequent 12 months, and that the association may very well be prolonged at the moment.

The US president additionally mentioned he spoke with Xi about chip know-how. He mentioned China could be in talks with Nvidia about extra semiconductor purchases, however that the corporate’s newest era of high-end processors was not a part of the dialog.

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President Donald Trump, proper, with Secretary of State Marco Rubio, second from proper, and Commerce Secretary Howard Lutnick, third from proper, meets with Chinese language President Xi Jinping at Gimhae Worldwide Airport in Busan, South Korea, Thursday, October 30, 2025. (AP Picture/Mark Schiefelbein)

The president described the result of the deal as a one-year framework settlement that may be renewed yearly.

“We’ve got a deal,” Trump mentioned. “Yearly we are going to renegotiate the deal, however I believe it can final a very long time.”

Trump additionally mentioned the administration has introduced plans for reciprocal visits, with the US president touring to China in April and Xi visiting the US later this 12 months.

The assembly, which lasted about an hour and forty minutes, concluded with a quick picture alternative earlier than the 2 leaders went their separate methods.

As cameras clicked, Trump leaned towards Xi and appeared to talk softly earlier than shaking fingers and boarding the airplane.

Trump and Xi spoke briefly to the press earlier than starting a closed-door session of lower than two hours with senior aides.

“It is an honor to be with a buddy of mine,” Trump mentioned of Xi, including that whereas some points stay unresolved, “I believe we have already agreed to lots of issues.”

Chinese language President Xi Jinping, heart, meets with President Donald Trump, not pictured, at Gimhae Worldwide Airport in Busan, South Korea, Thursday, Oct. 30, 2025. (AP Picture/Mark Schiefelbein)

Xi mentioned in his opening speech that “it feels very heat to see you once more as a result of it has been a few years.”

The Chinese language chief acknowledged that occasional friction between main powers is regular, including that the US and China “can nonetheless discover methods to prosper facet by facet.”

Earlier aboard Air Power One en path to South Korea, Trump steered he may scale back tariffs imposed on China due to Beijing’s cooperation in curbing fentanyl exports.

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“I count on to decrease that as a result of I consider they are going to assist us with the fentanyl scenario,” Trump mentioned, including: “The connection with China is superb.”

In a Reality Social submit, Trump described the assembly with the Chinese language president as “actually great.”

“I used to be deeply honored by President Xi’s permission for China to start buying huge portions of soybeans, sorghum and different agricultural merchandise,” the president mentioned within the prolonged speech. after.

“As well as, China has agreed to proceed the circulate of uncommon earth metals, crucial minerals, magnets, and so forth., brazenly and freely. Very considerably, China has firmly said that they may work diligently with us to cease the circulate of fentanyl into our nation. They’ll assist us finish the fentanyl disaster. China additionally agreed that they may start the method of buying American power,” he famous.

Trump indicated {that a} deal to purchase oil and fuel from Alaska may be made sooner or later.

“Actually, a really large-scale transaction may happen involving the acquisition of oil and fuel from the nice state of Alaska. Chris Wright, Doug Burgum and our respective power groups will meet to see if such an power deal will be labored out. The agreements reached right this moment will present prosperity and safety to hundreds of thousands of Individuals,” he famous.

The Related Press contributed to this report.