President of the United States Donald Trump described his face-to-face with President of China Xi Jinping on Thursday as a roaring success, saying he would cut tariffs on China, while Beijing had agreed to allow the export of rare earth elements and start buying American soybeans.
Trump said the US would lower tariffs implemented earlier this year as punishment on China for its selling of chemicals used to make fentanyl from 20 per cent to 10 per cent. That brings the total combined tariff rate on China down from 57 per cent to 47 per cent.
US Treasury Secretary Scott Bessent said on Fox Business Network’s “Mornings with Maria” that China agreed to purchase 25 million metric tonnes of US soybeans annually for the next three years, starting with 12 million metric tonnes from now to January. US soybean exports to China, a huge market for them, had come to a standstill in the trade dispute.
Trump said he would go to China in April and Xi would visit the United States “some time after that”. The president said they also discussed the export of more advanced computer chips to China, adding that Nvidia would enter talks with Chinese officials.
Xi said Washington and Beijing would work to finalise their agreements to provide “peace of mind” to both countries and the rest of the world, according to a report on the meeting distributed by state media.
“Both sides should take the long-term perspective into account, focusing on the benefits of cooperation rather than falling into a vicious cycle of mutual retaliation,” Xi said.
AP
