Meeting between Trump and Xi Jinping, from China, has reduced tariffs and agreements on fentanyl and export of rare earths

Trump and Xi Jinping meet in South Korea The president of the United States, Donald Trump, stated that he reached an agreement with Xi Jinping, president of China, to reduce tariffs on China on Thursday (30). In return, Beijing must resume purchasing American soybeans, maintain the flow of rare earth exports and combat the illicit trade in fentanyl. 📱Download the g1 app to see news in real time and for free The two met at an air base in the city of Busan, South Korea, to discuss a possible truce in the trade war. The meeting, the first between the two leaders since Trump’s return to the presidency in January, lasted almost two hours. “I thought it was an incredible meeting,” Trump told reporters aboard Air Force One shortly after leaving Busan. According to Trump, duties on Chinese products fell from 57% to 47%. Taxes imposed on products related to fentanyl increased from 20% to 10%. Trump also said that the Asian country will buy “huge quantities” of soybeans and other agricultural products. Regarding the supply of rare earths, the Republican stated that the two reached a one-year renewable agreement. “All the issues about rare earths have been resolved, and that’s for the world,” said Trump. The American president also said that the countries “will work together” to resolve the war in Ukraine. On the way back to the United States, Trump stated that some issues were not addressed. Among them, Nvidia’s Blackwell artificial intelligence chips. After the meeting, the Chinese president said, in a speech, that the two countries “should not fall into the vicious cycle of revenge” and that the economic teams of the powers reached consensual solutions to the differences between the two countries. Finally, Xi stated that they have “good prospects for cooperation in artificial intelligence.” At the beginning of the meeting, Xi stated that, a few days ago, trade negotiators from both countries reached a “fundamental consensus on how to address key mutual concerns”. He added that he is willing to continue working with Trump to strengthen the foundation of China-US relations. “We’re going to have a very successful meeting, I have no doubt about that. But he’s a very tough negotiator,” Trump said as he shook Xi’s hand at the beginning of the meeting. . During the meeting, Chinese shares rose to their highest level in a decade, but retreated hours later. The benchmark Shanghai Composite Index rose as much as 0.2% to 4,025.70 points in morning trade, reaching its highest level since 2015. The banking, insurance and alcoholic beverages sectors led the gains, although overall sentiment remained cautious. In Hong Kong, the Hang Seng Index rose 0.6% after resuming trading, interrupted by a holiday on Wednesday (29). The Chinese currency, the yuan, reached its highest value in almost a year against the dollar, as investors bet on a possible reduction in trade tensions that have impacted global trade. In recent days, stock markets around the world — from Wall Street to Tokyo — have posted record highs. Shortly before the meeting, Trump stated on social media that the US would immediately increase nuclear weapons testing, citing the growth of China’s arsenal. The Republican refused to answer a reporter’s question about this publication during the meeting. Trump orders the Department of Defense to begin testing nuclear weapons Trade dispute The trade war between the two countries reignited this month after China proposed drastically expanding restrictions on exports of rare earth minerals, essential for cutting-edge technologies — a sector dominated by the Asian country. Trump promised to retaliate with additional 100% tariffs on Chinese exports, as well as other measures, including possible restrictions on exports to China of products made with American software — actions that could have shaken the global economy. READ MORE ‘Doomsday Torpedo’: meet Poseidon, the missile tested by Putin that could cause radioactive ‘tsunami’ Donald Trump in meeting with Xi Jinping REUTERS/Evelyn Hockstein

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