U.S. President Donald Trump announced plans to reduce tariff rates on Chinese imports to 47% following his meeting with Chinese President Xi Jinping in Busan, South Korea, on Thursday.
According to Trump, the discussions resulted in a one-year agreement—subject to annual renewal—on the supply of rare earth materials, which he described as a deal “for the world.” Speaking to reporters aboard Air Force One, he said the arrangement would help stabilise global markets after months of trade-related tensions between Washington and Beijing.
The talks came amid heightened economic friction, with Trump’s renewed use of steep tariffs in his second term and China’s restrictions on rare earth exports putting pressure on both sides to reach some form of understanding. Officials suggested there was a shared interest in avoiding further disruption to the global economy that could harm their respective domestic growth.
The meeting reportedly lasted just over 100 minutes. The two leaders exchanged handshakes, and Trump was seen speaking quietly to Xi before leaving the venue. Neither leader issued a formal statement afterwards.
Trump later departed on Air Force One, waving to reporters as the plane took off. Xi was seen leaving the site in his limousine shortly after the talks concluded.
Speaking to reporters aboard Air Force One, U.S. President Donald Trump said he had decided to lower the combined tariff rate on Chinese imports from 57% to 47% following productive talks with Chinese President Xi Jinping in Busan, South Korea. He noted that the discussions included commitments from Xi to curb exports of fentanyl ingredients to the United States, TNIE reported.
Trump described the meeting as highly successful, saying that on a scale of zero to ten, he would rate it a “twelve.” He called the outcome a “great success” and announced plans to visit China in April for another round of discussions, while indicating that Xi would make a return visit to the U.S. later—possibly in Florida, Palm Beach, or Washington, D.C.
He added that many issues had been brought “to finalisation” during the Busan talks and praised Xi as a “tremendous leader of a very powerful country.”