Trump reduces China tariffs by 10% after talks with Xi Jinping, TikTok deal not mentioned

US President Donald Trump decided to cut down tariffs on China from 57% to 47%, after meeting Chinese president Xi Jinping spoke in the sidelines of the APEC meet, at the Busan Airport. The talks happened at the Busan Airport in South Korea, where Trump told the reporters that the meet was a “great success” while boarding the Air Force One.

He slashed tariffs on fentanyl by half, from 20% to 10%, telling the reporters that the Chinese leader had agreed to work “very hard” to prevent the production of the synthetic opioid fentanyl, lowering the overall tariff burden from 57% to 47%.

Regarding the rare earth metal ordeal, Trump said that a deal has been made for one year, with China agreeing to keep rare earth exports flowing. "All the rare earth issue has been settled," he said, asserting that it will "hopefully disappear from our vocabulary for a little while.” In a Truth Social post, he said, “China has agreed to continue the flow of Rare Earth, Critical Minerals, Magnets, etc., openly and freely.”

In the same Truth Social post, he said that the countries have agreed on many things, with China to begin purchasing of soybeans, sorghum and other farm products.

“I had a truly great meeting with President Xi of China. We agreed on many things, with others, even of high importance, being very close to resolved. I was extremely honored by the fact that President Xi authorized China to begin the purchase of massive amounts of Soybeans, Sorghum, and other Farm products. Our Farmers will be very happy! In fact, as I said once before during my first Administration, Farmers should immediately go out and buy more land and larger tractors,” the post read.

Trump also said that China has agreed to purchase American energy. “In fact, a very large-scale transaction may take place concerning the purchase of Oil and Gas from the Great State of Alaska. Chris Wright, Doug Burgum, and our respective Energy teams will be meeting to see if such an Energy Deal can be worked out. The agreements reached today will deliver Prosperity and Security to millions of Americans,” he said. There was no mention of the TikTok deal though.

The meet marked the end of his Asia Trip, which he started from Malaysia. He presided over the signing of a "peace deal" between Thailand and Cambodia, and then travelled to Japan to meet newly-elected Prime Minister Sanae Takaichi and signed agreements on boosting rare earths supply and production and reaffirming earlier trade agreements. His final stop was South Korea to meet South Korean leader Lee Jae Myung and spoke at the APEC business leaders’ summit in Gyeongju.