US-China Big Deal: China, US presidents wrap up talks on trade, tariffs
US-China Big Deal: Major decisions were made at the meeting between Donald Trump and Xi Jinping in South Korea. While the issue of tariffs was addressed, an agreement was also reached to resume soybean purchases, a major headache for Trump. The US President stated that the China tariff would be reduced from 57% to 47%. He stated that the meeting with the Chinese President was excellent and many important decisions were made. Soybeans were also discussed, and according to Trump, China will immediately resume purchasing soybeans.
Trump lowers tariffs on China and announces end to 'rare earths roadblock' after Xi meeting.
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New Beginning in US-China Relations
Donald Trump made a major announcement on Thursday regarding economic and trade agreements with Chinese President Xi Jinping. In this, he announced a 10% reduction in tariffs imposed on China, from 57% to 47%. He also described the meeting as "amazing," citing agreements reached with China on several other contentious issues. He described this as a "wonderful" new beginning in US-China relations.
Trump and Xi Jinping reach agreement
Donald Trump and Xi Jinping held a closed-door meeting in Busan, South Korea, for over two hours. Following this, Trump made a significant announcement, stating that many decisions were made during the meeting, and that conclusions on several important issues would be released soon.
"No barriers to Chinese exports to the US..."
Trump also claimed to have resolved issues such as rare earth minerals and chips, which have been a major source of tension between the US and China for some time. Referring to the agreements reached in the meeting with Chinese President Xi Jinping, Donald Trump further stated that there will be no further obstacles to the flow of Chinese exports to the US.
From Chips to Rare Earth Minerals
Donald Trump, while detailing the decisions made in his meeting with Xi Jinping, said that it was agreed that China would work hard to curb fentanyl. He said that many issues were discussed, and that Xi Jinping would discuss the issue of chips with NVIDIA and other companies.
'Soybean Purchases a Victory for Our Farmers'
Regarding China's immediate resumption of American soybean purchases, Donald Trump said, "This is a huge victory for our farmers. Now the trade relationship between the US and China is going to look very different." It should be noted that China has been the largest buyer of US soybeans.
Summary
Last year, the US exported approximately $24.5 billion worth of soybeans, and China alone purchased $12.5 billion of these. However, due to tariff tensions, the Dragon dealt a major blow to the US by halting its purchases.
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