US President Donald Trump today said that tariffs on China will be reduced to 47 per cent from the current 57 per cent. Trump, after his meeting with Chinese President Xi Jinping in the South Korean city of Busan, said that China will begin buying soybeans from the US immediately.
He also said that the rare earth issue has been settled and that there will be no more roadblocks on rare earth exports from China. Trump also said that the fentanyl tariffs on China will now be reduced to 10 per cent from 20 per cent.
Trump had earlier imposed a 20 per cent tariff on Chinese goods over fentanyl as a measure to curb the flow of chemical ingredients for the drug into the US.
US President Donald Trump said his meeting with Chinese President Xi Jinping was a “great success” and announced he will travel to China in April for further discussions.
Speaking to reporters on Air Force One, Trump said Xi would visit the United States later, adding that the venue could be Florida, Palm Beach, or Washington, DC.
Trump said “a lot of things we brought to finalisation” during their talks on Thursday in Busan, South Korea. He also described Xi as a “tremendous leader of a very powerful country.”
Trump announced that overall tariffs on Chinese goods would be reduced to 47 per cent from 57 per cent, and fentanyl-related tariffs cut to 10 per cent. On being asked, ” how soon do you think you could sign a trade deal with China?”
Trump replied, “Well, I think pretty soon. We have not too many major stumbling blocks. We have a deal now. Every year we’ll renegotiate the deal, but I think the deal will go on for a long time, long beyond the year. We’ll negotiate at the end of a year.”