Trump cuts China tariffs to 47% after ‘amazing’ meeting with Xi

U.S. President Donald Trump announced he has agreed to reduce tariffs on Chinese goods to 47% following what he described as an “amazing” meeting with Chinese President Xi Jinping.

Speaking to reporters aboard Air Force One, Trump said the move came in exchange for Beijing resuming purchases of U.S. soybeans, maintaining exports of rare earth minerals, and taking new steps to curb the illicit trade in fentanyl.

According to a report by the news agency Reuters, the meeting held in the South Korean coastal city of Busan — their first face-to-face meeting since 2019 — marked the final leg of Trump’s visit to Asia. During this tour, Trump also highlighted trade advancement agreements with South Korea, Japan, and Southeast Asian countries.

“I thought it was an amazing meeting,” Trump told reporters, calling the agreement a “win for both countries.”

The remarks capped a whirlwind Asia trip during which Trump also claimed progress on trade talks with South Korea, Japan, and several Southeast Asian nations.

U.S. negotiators had earlier said they reached a framework with China to prevent a threatened 100% tariff on Chinese goods and to delay Beijing’s planned export restrictions on rare earth elements — key materials for electronics and defense industries.

No Meeting With Kim Jong Un During Visit:

Trump said he did not have time to meet North Korean leader Kim Jong Un during his stop in South Korea, despite earlier speculation of a fourth summit.

“We were never able to talk, because look, I was so busy — and really this meeting [with Xi] is why we came,” Trump said. “I think it would have been maybe disrespectful to the importance of this meeting if we did that.”

Trump added he would be open to meeting Kim “another time,” noting that he still holds “respect” for the North Korean leader.

The two leaders met three times during Trump’s first term and exchanged what Trump once described as “beautiful letters.” However, talks ultimately broke down over Washington’s insistence that Pyongyang abandon its nuclear arsenal.

Kim has since said he retains “fond memories” of Trump but has made clear that North Korea will never surrender its nuclear weapons in exchange for sanctions relief.

Trump Says Talking to Russia About Denuclearization:

Trump also confirmed discussions with Russia about potential steps toward denuclearization, though he defended the U.S. decision to resume nuclear testing in light of global tensions.

“If other countries are testing, then we have to as well,” Trump said. “I think de-escalation — they would call it denuclearization — would be a tremendous thing. And it’s something we are actually talking to Russia about that. And China would be added to that if we do something.”