- Donald Trump met with China’s President Xi Jinping during a summit in South Korea.
- The U.S. will remove fentanyl-related tariffs on Chinese goods if China enforces controls on fentanyl exports.
- Both leaders agreed to pause or reduce multiple tariffs and truce measures, including halving fentanyl tariffs and suspending port fees on Chinese ships.
- Trump visited several Asian countries, signing trade agreements with Japan, South Korea, Malaysia, Cambodia, Thailand, and Vietnam.
- China will restart purchases of U.S. soybeans, with plans to buy 12 million tons this harvest season.
U.S. President Donald Trump met with Chinese President Xi Jinping during a recent summit in South Korea. Trump announced that the U.S. would eliminate all tariffs on Chinese products linked to fentanyl if China acts to limit the export of fentanyl and its precursor chemicals.
According to a Bloomberg News report, Trump stated he discussed the issue with Xi and observed that “China’s working very hard and I really believe that they have an incentive.” He also indicated that tariffs on fentanyl would be reduced from 20% to 10% during the talks, saying, “As soon as we see that, we’ll get rid of the other 10%.”
During his tour, Trump visited multiple Asian countries, including Japan, South Korea, Malaysia, Cambodia, Thailand, and Vietnam. Agreements were signed to reduce or eliminate tariffs on a broad range of U.S. exports, and reciprocal trade arrangements were established with Thailand and Vietnam. The meeting with Xi took place at the Asia-Pacific Economic Cooperation summit.
As part of the agreements reached at the summit, both parties decided to call a truce on increasing tariffs. The U.S. dropped the threat of imposing 100% tariffs on Chinese imports, paused fees for Chinese ships docking in American ports, and eased fentanyl-related import taxes. China agreed to ease planned restrictions on rare-earth magnet exports, a measure closely watched by U.S. companies concerned about access to key materials.
On Thursday, U.S. Treasury Secretary Scott Bessent told Fox News that China will resume purchases of U.S. soybeans, committing to buy 12 million tons during the current harvest cycle, which ends in January. Following news of the talks, major U.S. equities such as the SPDR S&P 500 ETF and Invesco QQQ Trust ETF saw modest gains.
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