U.S. President Donald Trump on Wednesday announced that tariffs on Chinese imports will be reduced to 47% from the current 57%, following what he called an “amazing” meeting with Chinese President Xi Jinping. Trump said “a lot of decisions were made” and indicated that a trade agreement with China will be signed “pretty soon.”
Trump added that there is “no roadblock on rare earths” and that “all the rare earth issue has been settled.” A senior U.S. official traveling with Trump also confirmed that China will keep exports of rare earth elements flowing, easing a key strategic concern for technology and defense supply chains.
The tariff revision is part of a broader cooperation package, including joint efforts to combat fentanyl trafficking. Trump’s remarks signal a major shift in U.S.–China trade posture after months of high-level engagement.
Earlier, the closed-door meeting between Trump and Xi concluded without a press conference. Trump had suggested ahead of the talks that a trade deal “could” be reached, while Xi said he aimed to “build a solid foundation for China-US relations.” The leaders met for about 1 hour and 40 minutes near Busan’s international airport.
Xi remains in South Korea for a state visit and the upcoming APEC leaders’ summit. Trump has since departed for Washington aboard Air Force One.
More updates to follow.
