Busan [South Korea], October 30 (ANI): US President Donald Trump on Thursday announced that Washington has reached a landmark one-year trade pact with China, cutting US tariffs on Chinese imports from 57 percent to 47 percent. The announcement came moments after his much-anticipated meeting with Chinese President Xi Jinping on the sidelines of the APEC Summit in Busan, South Korea.
Speaking to reporters aboard Air Force One, Trump declared, “We have a deal,” referring to the trade pact that will be renewed annually. “Every year we’ll renegotiate the deal, but I think the deal will go on for a long time, long beyond the year. We’ll negotiate at the end of the year,” he said.
Trump explained that the 10 percent tariff reduction on Chinese exports to the US came after Beijing agreed to take “strong action” on the fentanyl issue. “It was 57, now it’s 47,” the US President said. “We reduced it by the fentanyl because I believe they are really taking strong action. We’ve already seen the action on fentanyl, and they’re taking very strong action. So reduced to 10 percent,” he added.
The President also stated that the issue concerning rare earth minerals with China had been “settled.” “All of the rare earth has been settled, and that’s for the world,” he said.
Before departing for Washington, the White House described Trump’s Asia tour as a “remarkable trip” marked by major diplomatic and economic milestones. During his multi-nation visit, Trump secured billions of dollars in new investments, announced the end of a regional conflict, signed multiple trade and mineral agreements, and held a historic meeting with Xi Jinping, according to the White House-affiliated Rapid Response in a post on X.
The meeting with Xi defined the tone of Trump’s week-long diplomatic tour. Before leaving South Korea, the President thanked South Korean officials for their warm hospitality during his stay.
His departure followed a series of high-level engagements that underscored Washington’s ongoing efforts to strengthen alliances and advance US economic interests across the Indo-Pacific region.
The White House, in a post on social media shortly before takeoff, stated, “POTUS boards Air Force One and prepares for the long journey home after a remarkable trip to Asia. This week, the President secured billions in new investment, ended a war, inked multiple trade and minerals deals, met with President Xi, and more. He never stops working for the United States.”
Trump’s meeting with Xi in Busan was widely regarded as the highlight of his visit. It served as a crucial opportunity for the leaders of the world’s two largest economies to ease months of tension over tariffs, technology controls, and rare earth exports.
The talks, held on the sidelines of the Asia-Pacific Economic Cooperation (APEC) Summit in Busan—a key port city about 76 kilometers south of Gyeongju, the main venue of the summit—concluded with Trump and Xi shaking hands, signaling a thaw in strained relations and capping a week of high-stakes diplomacy that defined his Asia tour. (ANI)
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