US reduces tariffs on China after Trump–Xi talks in Busan

US President Donald Trump on Thursday said that tariffs on China will be reduced to 47 per cent from the current 57 per cent. Trump, after his meeting with Chinese President Xi Jinping in the South Korean city of Busan, said that China will begin buying soybeans from the US immediately. He also said that the rare earth issue has been settled and that there will be no more roadblocks on rare earth exports from China. Trump also said that the fentanyl tariffs on China will now be reduced to 10 per cent from 20 per cent. Trump had earlier imposed a 20 per cent tariff on Chinese goods over fentanyl as a measure to curb the flow of chemical ingredients for the drug into the US.
Chinese President Xi Jinping said that he is ready to continue working with U.S. President Donald Trump to build a solid foundation for bilateral ties, and create a sound atmosphere for the development of both countries. There is good potential for the two countries to work together on combating illegal immigration and telecom fraud, anti-money laundering, artificial intelligence, and responding to infectious diseases, he added.The competent departments should strengthen dialogue and exchanges and carry out mutually beneficial cooperation, Xi said, adding that the two countries should also engage in positive interactions on regional and international platforms.
The two presidents have agreed to enhance cooperation in economic, trade, energy and other fields and to encourage more people-to-people exchanges. They have also agreed to maintain interactions on a regular basis. Trump looked forward to visiting China early next year, and invited President Xi to visit the United State