Donald Trump Seals Rare-Earths Deal With Xi, To Cut China Tariffs 10%

New Delhi: In a historic move, US President Donald Trump after a meeting Chinese President Xi Jinping on Thursday, called it an ''amazing'' meeting. Trump further talking about the US China relations, called it a “fantastic new beginning”. During the meeting, Trump announced various trade and economic understanding with Xi, that also included a 10% reduction in tariffs.

Donald Trump, during the two hours long meeting with Xi in Busan, announced that “a lot of decisions were made” and that “conclusions on very important things” would be released soon.

What Donald Trump said after meeting Xi?

Speaking to the reporter, Trump said, “I wouldn’t say everything was discussed.” He added, “But it was an amazing meeting. We agreed that President Xi will work very hard to stop fentanyl, soybean purchases will start immediately, and tariffs on China will be lowered from 57% to 47%.”

Trump announces China visit- After the meeting, the US President told reporters on Air Force One that he will be visiting China in April and that Xi Jinping will come to the US after that. "I'll be going to China in April and he'll be coming here sometime after that, whether it's in Florida, Palm Beach or Washington, DC," he said.

Rare earth deal- Both the parties reached a breakthrough on rare earth deal, which was a major point of contention between them. Trump said that they reached a one-year extendable agreement on China's supply of crucial rare earths. “There’s no roadblock at all on rare earths…That will hopefully disappear from our vocabulary for a little while,” Trump said.

What announcements were made on Rare Earths Deal?

After this historic meeting between Trump and Xi, the most consequential deal came from rare earths, high-tech manufacturing to critical minerals essential defence equipment and electric vehicles.

After the meeting, Trump said, “All the rare earth issue has been settled.” He further said, “no more roadblocks would impede the flow of Chinese exports to the United States.''

What's new about tariff relief?

After the meeting, another key significant announcement was made. Trump said, ''Would roll back tariffs on Chinese goods by 10%, from 57% to 47%.'' He further called it a “gesture of good faith” and described it as a “very constructive” dialogue with Xi.

He further said, “Many very important points were agreed upon.” “We’re in agreement on so many elements and I think we’ll be providing conclusions on very important things shortly.”