US cuts tariffs on China by 10%; Beijing to buy soybeans as Trump, Xi reach rare earth deal

Washington (The Uttam Hindu): US President Donald Trump announced on Thursday that an agreement has been reached between him and Chinese President Xi Jinping regarding the supply of rare minerals (rare earths). Trump said that China will supply rare earths to America for the next one year. Along with this, he has decided to reduce the tariff imposed on China on fentanyl (narcotic substance) to 10 percent. After this step, America's total tariff on China has come down from 57 percent to 47 percent.

US reduces tariffs on China by 10%, Trump and Xi Jinping reach agreement on rare earth metals; China will also buy soybeans: The two leaders met in Busan, South Africa on Thursday, where several important global and bilateral issues were discussed. Trump said that most of the disputes between the US and China have been resolved and this agreement can also be extended for another year. According to him, this step will prove to be positive for the global economy.

Trump said the Russia-Ukraine conflict was also discussed at the meeting. He said the Ukraine issue figured prominently in the meeting and that both countries agreed to work together to resolve the crisis.

The US President stated that Washington and Beijing share a common view on many economic issues. He stated that tariffs related to fentanyl trafficking are being lifted with immediate effect. Furthermore, China has pledged to purchase large quantities of soybeans from the US.

Trump clarified that the issue of Taiwan was not raised during the meeting. It is known that China considers Taiwan a part of its territory, while the US has long supported its autonomy. It was expected that Xi Jinping would bring this topic up for discussion, but that did not happen. Trump also announced that he would visit China in April. Following this, Xi Jinping will visit the US, where they could meet in Washington, DC, or at Trump's residence in Palm Beach, Florida.