Trump, Xi seal year-long US–China trade pact, American tariffs cut by 10%
Busan, Oct 30: After his meeting with Chinese President Xi Jinping on the sidelines of the APEC Summit in Busan, US…
Image: ANI
Busan, Oct 30: After his meeting with Chinese President Xi Jinping on the sidelines of the APEC Summit in Busan, US President Donald Trump announced that Washington and Beijing have finalized a landmark one-year trade agreement, marking a 10% cut in American tariffs on Chinese imports.
Trump said the tariffs, which earlier stood at 57%, have now been reduced to 47% as part of the deal. He attributed the reduction to China’s commitment to taking “strong action” against the trafficking of fentanyl, a synthetic opioid fueling the drug crisis in the United States. “We’ve already seen results on fentanyl, and they’re taking very strong action,” he remarked.
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Speaking aboard Air Force One, the US President confirmed that the arrangement will be renewed annually, describing it as a long-term framework that could continue “well beyond a year” through routine renegotiations. “We have a deal,” Trump declared, emphasizing confidence in the agreement’s durability.
He also revealed that longstanding concerns over rare earth minerals had been resolved as part of the accord. “All of the rare earth has been settled, and that’s for the world,” Trump stated, calling it a positive outcome for global industries dependent on the materials.
