BUSAN, SOUTH KOREA: US President Donald Trump Thursday announced that Washington had agreed to lower tariffs on Chinese goods to 47 percent after reaching a new understanding with Beijing during talks with Chinese President Xi Jinping in Busan, South Korea.
China has pledged to resume large-scale purchases of U.S. soybeans, maintain the supply of rare earth exports, and take firm measures against the illegal trafficking of fentanyl. The face-to-face meeting, the first between the two leaders since 2019, concluded Trump’s fast-paced tour of Asia, during which he also highlighted trade progress with South Korea, Japan, and Southeast Asian partners.
Speaking to reporters aboard Air Force One after leaving Busan, Trump described the talks as “an amazing meeting,” confirming that import tariffs on Chinese products would be reduced from 57 to 47 percent.
Global markets reacted nervously as the details emerged. Asian and European stock indexes fluctuated throughout the day, while China’s Shanghai Composite Index slipped from a decade-high level, and U.S. soybean futures weakened slightly.
The meeting, held on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit, lasted nearly two hours. Trump personally escorted Xi to his car before receiving a red-carpet farewell at the airport.
The latest understanding follows a framework negotiated earlier in the week by both countries to prevent the imposition of 100 percent tariffs on Chinese goods and delay export restrictions on China’s rare earth sector — an area where Beijing holds dominant control.
Despite signs of progress, analysts caution that the truce may be temporary as Washington and Beijing continue to compete over trade, technology, and global influence.
