Washington/Beijing, Oct 30 (UNI) US President Donald Trump on Thursday said he would reduce tariffs on Chinese goods following talks with Chinese President Xi Jinping in South Korea, in exchange for Beijing's pledges to buy American soybeans and energy, permit exports of rare earth minerals, and curb the flow of fentanyl.
Speaking to reporters aboard Air Force One after the meeting, Trump confirmed that he will not be going along with his initial 100% tariff move on China, easing trade tensions, and reduced the import taxes on Chinese exports from 57% to 47%, as per Axios.
The easing of tensions could halt the ongoing trade war between the world's two largest economies and bring much-needed relief to the small businesses and consumers on both sides, who have borne the worst brunt of the trade war.
Trump later posted on Truth Social that he had a "great meeting with President Xi," adding, "We agreed on many things, with others, even of high importance, being very close to resolved."
He also hinted at a "very large-scale transaction" involving China's purchase of oil and gas from Alaska, and confirmed that Xi had authorised Chinese markets to buy "massive amounts" of soybeans, sorghum, and other US crops.
Xi described the meeting as "warm," noting that while the two countries "do not always see eye to eye," they should strive to be "partners and friends."
Speaking to Chinese media, he said: "The world today faces many challenges. China and the United States can jointly shoulder our responsibility as major countries and work together to achieve more concrete results for the benefit of our two peoples and the world."
Trump also told reporters that he plans to visit Beijing in April, with Xi expected to visit Washington shortly afterwards.
While the meeting signalled progress, questions remain about whether lasting agreements were reached on core disputes — including US access to Chinese rare earth minerals, export restrictions on AI chips, and measures to stem the flow of fentanyl.
During his Indo-Pacific trip, Trump secured several rare earth supply deals, underscoring Washington's push to diversify critical mineral supply chains.
China's one-year suspension of its rare earth export curbs provides temporary relief but does not resolve deeper structural issues — particularly the US's dependence on Chinese-controlled production.
"The US cannot stand alone on rare earths in the short term," one senior administration official said, noting that China continues to dominate global supply and uses its dominance in that sector as a strategic leverage.
Following his return to Washington, Trump is expected to meet Central Asian leaders, with rare earth cooperation set to top the agenda.
UNI ANV SSP