Trump's face-to-face talks with Xi in the South Korean city of Busan, their first since 2019, marked the finale of the US president's whirlwind Asia trip on which he also touted trade breakthroughs with South Korea, Japan and Southeast Asian nations.
"I thought it was an amazing meeting," Trump told reporters aboard Air Force One shortly after he departed Busan, ranking the talks a "12 out of 10".
Trump said tariffs imposed on Chinese imports would be cut to 47% from 57% by halving the rate of tariffs related to trade in fentanyl precursor drugs to 10% from 20%.
Xi will work "very hard to stop the flow" of fentanyl, a deadly synthetic opioid that is the leading cause of American overdose deaths, Trump said. The tariff was reduced "because I believe they are really taking strong action," he added.
A dispute over the trade of rare earths is "settled", Trump said, adding "there's no roadblock from China anymore", without giving details.
Xi said both sides had reached a consensus to resolve "major trade issues", according to Chinese state media.
According to a readout on the Chinese leader’s comments during the meeting, Xi said Chinese and US teams will be working on delivering outcomes that will serve as a "reassuring pill" for both countries' economies.
"China and the United States can jointly demonstrate the responsibility befitting of major powers, working together to accomplish more significant, practical and beneficial undertakings for both nations and for the world," he said.
Trump repeatedly talked up the prospect of reaching agreement with Xi since US negotiators on Sunday said they had agreed a framework with China that will avoid 100% US tariffs on Chinese goods and achieve a deferral of China's export curbs on rare earths, a sector it dominates.
But with both countries increasingly willing to play hardball over areas of economic and geopolitical competition, many questions remain about how long any trade detente may last.
As they sat down to begin talks at a South Korean air base on Thursday morning, Xi told Trump via a translator it was normal for the superpowers to have frictions now and then.
A few days ago, trade negotiators for both countries reached a "fundamental consensus on addressing each other's primary concerns", Xi said. "I am willing to continue working with President Trump to lay a solid foundation for China-US relations," he added.
As well as trimming the fentanyl tariffs, Beijing had sought an easing of export controls on sensitive US technology, and a rollback of new US port fees on Chinese vessels aimed at combating China's global dominance in shipbuilding, ocean freight and logistics.
Trump made no immediate comment on US concessions but said China would purchase "tremendous amounts" of US soybeans and other farm products "starting immediately".
This article was written by Michael Howie from The Evening Standard and was legally licensed through the DiveMarketplace by Industry Dive. Please direct all licensing questions to legal@industrydive.com.
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