Trump Cuts China Tariffs to 47% After 'Amazing' Xi Meeting

U.S. President Donald Trump announced on Thursday that he has agreed to reduce tariffs on Chinese imports to 47% from 57% following his first face-to-face meeting since 2019 with Chinese President Xi Jinping in Busan, South Korea.

The U.S. will cut its tariffs on Chinese goods from 57% down to 47%.

In exchange, China has reportedly agreed to several key measures that Immediate, large-scale buying of American soybeans and other farm products. A one-year, extendable deal was reached to ensure the continued flow of rare earth exports, settling the issue for the world.

Xi Jinping agreed to "work very hard to stop" the illicit trade of fentanyl, prompting the U.S. to cut related tariffs on China to 10%. Describing the talks as "amazing" and a "great success," Trump stated that "a lot of decisions were made," hinting at major outcomes to be unveiled soon.

Global stock trading was choppy, with major Asian indexes and European futures swinging between gains and losses following the announcement. U.S. soybean futures were reported to be weaker.