In a significant development for global trade, the United States has announced a 10% reduction in tariffs on China. The announcement came shortly after a crucial meeting between the US and Chinese presidents in Busan, South Korea, on Thursday.
Speaking to journalists on Air Force One while returning home, the US President called the summit extraordinarily successful. “The meeting with my Chinese counterpart was very good,” he stated, rating it “a 12 on a scale of 1 to 10.” He confirmed that this cut would lower the total tariff rate on China from 57% to 47%.
According to the president, “many decisions were made” during the talks. He announced that all issues regarding rare earth minerals have been “settled,” and there are “no more obstacles.” Furthermore, China has agreed to resume purchasing US soybeans “immediately.” In another key agreement, the Chinese president will take measures to stop Fentanyl, and in return, the US will reduce its tariff on the substance from 20% to 10%.
On geopolitical issues, the US leader said they are “going to work together” with China on the Ukraine issue. However, he confirmed that the topic of Taiwan was not discussed. He also repeated his recent position that it is “appropriate” for the US to resume nuclear testing since other countries are doing so.
The president also announced plans for a state visit to China next April, which will be followed by a reciprocal visit from the Chinese president to the UnitedUS.
