US President Donald Trump declared his recent meeting with Chinese President Xi Jinping “a great one,” emphasising the potential for lasting peac between the two countries amid the ongoing trade tensions.
The two leaders met on the sidelines of the APEC Summit in Busan, South Korea on October 30, with their discussions focusing on trade, cooperation, and mutual progress.
Posting on Truth Social, President Trump described the summit as highly productive, stating, “My G2 meeting with President Xi of China was a great one for both of our countries. This meeting will lead to everlasting peace and success. God bless both China and the USA!”
US Tariffs On Chinese Imports Slashed
Following the talks, Trump told reporters aboard Air Force One that the US and China had reached a crucial, one-year trade agreement. The new deal slashes US tariffs on Chinese imports from 57 percent down to 47 percent in a move intended to ease tensions and revive economic ties between the two economic giants.
Trump affirmed, “We have a deal,” and explained that while the pact is set for one year, both sides expect to renegotiate and potentially extend the arrangement in the future.
The US President highlighted that the 10 percent tariff cut came as a direct result of China’s commitment to taking decisive action on the fentanyl crisis.
“It was 57, now it’s 47,” Trump stated. He explained, “We reduced it by the fentanyl because I believe they are really taking strong action. We’ve already seen the action on fentanyl, and they’re taking very strong action. So reduced to 10 percent,” he said.
China Resumes Major Agricultural Purchases
Trump also announced that China has agreed to make immediate, substantial purchases of US soybeans and other agricultural products. Speaking to reporters, he praised this move as “a very nice gesture” from President Xi.
Trump noted, “Large amounts, tremendous amounts of the soybeans and other farm products are going to be purchased, starting immediately. If you notice, President Xi authorised yesterday for China to start buying very large quantities of soybeans and other things, which I appreciated. That was a very nice gesture.”
Earlier this year, China suspended its US soybean purchases in response to elevated tariffs, leaving many American farmers stuck with unsold crops and facing uncertainty about their livelihoods.
