US President Donald Trump announced on Thursday that Chinese President Xi Jinping agreed not to impose rare earth export controls during their high-profile bilateral meeting in South Korea. The decision eased global market concerns and halted potential US retaliation.
Trump described the meeting as “outstanding,” highlighting a series of significant agreements. “I guess on the scale from zero to 10, with 10 being the best, I would say the meeting was a 12,” he told reporters aboard Air Force One after departing South Korea.
US Lowers Fentanyl-Related Tariffs
According to Trump, he agreed to reduce fentanyl-related tariffs from 20 percent to 10 percent after Xi pledged to intensify China’s crackdown on the illegal drug trade. “You’re going to see a big difference,” Trump said, adding that Xi would enforce stricter internal regulations and take strong action against violators.
The White House has not yet released a formal readout of the meeting. However, Trump said Xi’s commitment reflected China’s willingness to cooperate on combating fentanyl abuse, which has caused tens of thousands of deaths in the US.
Tariffs and Trade Cooperation
Trump confirmed that overall US tariffs on Chinese goods now stand at 47 percent following the latest reduction. He also ruled out his earlier threat to raise tariffs to 100 percent by November 1 after Beijing withdrew its rare earth restrictions.
Asked about the sale of Nvidia microprocessor chips to China, Trump said they discussed “a lot of chips,” but not the company’s advanced Blackwell architecture. Taiwan, a frequent flashpoint in US-China relations, was reportedly not discussed.
Future Diplomatic Engagements Planned
Trump revealed that China will resume imports of American soybeans, offering relief to US farmers. He added that he plans to visit China in April, while Xi will make a reciprocal visit to the United States later in the year.
