Trump says tariffs on China decrease to 47% from 57%.
China agredd to keep rare earth exports flowing Trump tells
Summit in South Korea lasted two hours.
Donald Trump outlines his vision for America at CPAC 2025.
Both side escalates trade threats for leverage ahead of talks.
US President Trump add on Thursday he had agreed with President Xi Jinping to cut tariffs on China in exchange for Beijing crack down on illicit fentanl trade. reamining US soyabean purchase and keeping rare earth exports flowing.
Trump face to face chat with Xi in South korean city of Busan their first since 2019 marked the ultimate of US President Asia trip on which he touted trade breakthrough with Japan South Korea and Southeast Asian nations.
As they sat down to start talks a South Korean air base on Thursday morning Xi told Trump via translator it was normal for superpower to have frictions now and then.
A few days ago trade negotiators for both countries reached a fundamental consensus on addressing each other concerns Xi said.
“I am willing to continue working with Trump to lay a solid foundation for China US relations he adderd.
As well as shaving the fentanyl tariffs Beijing had sough an easing of export controls on sensitive US technology and rollbakc of new US port fees on Chinese vessels aimed at combating China dominance in shipbuildaing ocean freight.
“Could the Trump-Musk partnership make DOGE stimulus checks a reality?”
Trump made no comment on US concession but said China would buy termendous amounts of US soybeans and other farm products starting immediately.
Before summit Chian bought its firs cargoes of US soyabean in several monts.
Previous deals which brought down tariffs on US side and restarted the flow of rare earth magnets from China are due to expire on November 10.
Beiing expanded its control on rare earth this motnh minerals used in everything from cars to jets on which they have global stranglehold.
They are not going to impose rare earth controls.
Trump told media.
Trump signed various pacts with Japan and South east nations on diversifying supplies of rare earth during his trip though blunting China dominance in that area may take years.
The leaders did not discuss Chipmaker Nvidia state of art Blackwell AI chip Trump said walking back the past day remarks about helping the company to export scaled down version of current flagship GPU processor a key component in AI race.
I thought it was amazing meeting Trump told media.
Vanessa Trump and Tiger Woods seen together at an event (Alt text: Vanessa Trump with Tiger Woods at a public event in 2025).
Trump said tariffs imposed on Chinese imports would be cut to 47% from 57$ by halving the rate of tariffs related to trade in fentany precursor drugs to 10% from 20% Xi will work very hard to stop the flow of fentany;/
The tariff was reduce because i believe they are taking strong action.
Trading in global stock was choppy as Trump revealed details of deal with major Shangai Composite Index.
The price action makes things seem like lot of this was prcie in said Kyle Rodda.
“Arguably the markets were hoping for removal of fentanyl tariff so that could explain the ambivalence in markets.
India and Brazi are subject to high tariff rates among major US trading partners.
World stock markets from Wall Street to Tokyo had hit record highs leading up to meeting on hopes of breakthrough in trade war between the world two mega economies that has supply chains and rocked worldwide business confidence Cooperation APEC summit.
Vanessa Trump and Tiger Woods seen together at an event (Alt text: Vanessa Trump with Tiger Woods at a public event in 2025).
