US President Donald Trump announced an agreement with China to reduce tariffs in exchange for Beijing resuming the purchase of American soybeans, ensuring continued exports of rare-earth minerals, and imposing strict restrictions on illegal trade in fentanyl. He added that tariffs imposed on Chinese imports are scheduled to be reduced from 57 percent to 47 percent.
The announcement came after Trump's direct meeting with Chinese President Xi Jinping in Busan, South Korea, in their first talks since 2019. The meeting was the final stop in Trump's quick Asian tour, during which he praised what he described as trade progress with South Korea, Japan, and Southeast Asian countries.
