Trump Lowers China Tariffs to 47% After ‘Remarkable’ Meeting with Xi Jinping
Busan/Washington: U.S. President Donald Trump announced a reduction in tariffs on Chinese imports to 47% from 57% following what he described as an “amazing meeting” with Chinese President Xi Jinping in Busan, South Korea. The move comes after Beijing agreed to resume U.S. soybean imports, maintain exports of rare earth elements, and curb the illegal trade of fentanyl.
The high-profile meeting, held on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit, was the first in-person interaction between the two leaders since 2019. It lasted nearly two hours and concluded with a formal send-off for Trump at the airport.
“This was an amazing meeting,” Trump told reporters aboard Air Force One. “We’ve agreed to reduce tariffs, and I think it’s a big step forward for both nations.”
The announcement led to volatile trading across global markets. Asian and European indices fluctuated sharply, while China’s Shanghai Composite Index retreated from a decade high. U.S. soybean futures also weakened following the news.
Global markets had rallied in the days leading up to the talks amid expectations that the two largest economies might reach a partial trade truce, easing tensions that have disrupted global supply chains and dented investor confidence.
U.S. trade officials said the agreement could prevent a full-blown escalation of tariffs and secure continued access to key Chinese exports such as rare earth minerals.
Despite the positive signals, analysts caution that the long-term stability of the trade deal remains uncertain, given the ongoing strategic competition between Washington and Beijing in areas ranging from technology to global influence.
