U.S. President Donald Trump agreed with President Xi Jinping to trim tariffs on China in exchange for Beijing cracking down on the illicit fentanyl trade, Trump said.
Trump’s face-to-face talks with Xi in the South Korean city of Busan, their first since 2019, marked the finale of a whirlwind Asia trip during which he also highlighted trade breakthroughs with South Korea, Japan, and Southeast Asian nations.
“It was an amazing meeting,” Trump told reporters aboard Air Force One shortly after leaving South Korea, rating the talks a “12 out of 10.”
He said tariffs on Chinese imports would be cut to 47% from 57%, by halving to 10% the rate of tariffs related to trade in fentanyl precursor drugs.
Trump added that Xi will work “very hard to stop the flow” of fentanyl, a deadly synthetic opioid that is the leading cause of overdose deaths in the United States.
China agreed to pause export controls unveiled this month on rare earths, elements essential for cars, planes, and weapons that have become Beijing’s most potent leverage in its trade war with the United States.
The two sides also reached consensus on expanding agricultural trade and agreed to work on issues surrounding the short video app TikTok, which Trump seeks to bring under U.S.-controlled ownership.
Muted response from global markets
The reaction to the detente was muted, with major Asian indexes and European futures swinging between gains and losses.
Ahead of the meeting, markets from Wall Street to Tokyo had hit records on hopes of a breakthrough in the trade war, which has disrupted supply chains and shaken global business confidence.
Meanwhile, China will begin purchasing U.S. energy, Trump said in a post on Truth Social, hinting at a major deal in Alaska linked to a proposed $44-billion LNG pipeline promoted by his administration.
The White House signaled it hopes the summit will be the first of several meetings between the leaders in the coming year.
Trump added that he plans to travel to China in April before receiving Xi in the United States.
Regional powers gathered in Moscow on Monday for talks on Afghanistan, focusing on security, economic cooperation and Kabul’s relations with ...
Iranian Foreign Minister Abbas Araghchi and his Armenian counterpart Ararat Mirzoyan held talks in Tehran on Monday on bilateral ties and efforts t...
Four major German political foundations have halted their work in Georgia as tighter rules on foreign grants put pressure on a decades-old partners...
Iran's Oil Minister Mohsen Paknejad has resigned, with Hamid Bovard, chief executive of the state-owned National Iranian Oil Company (NIOC), appointed as acting oil minister, according to Iranian state media.
Right-wing Brazilian Senator Flavio Bolsonaro will face leftist President Luiz Inacio Lula da Silva in a runoff of the presidential election later this month, after he exceeded expectations in Sunday's first-round vote with a slight lead over the incumbent.
Candidates elected to Bosnia and Herzegovina's three-member presidency declared victory after preliminary unofficial results showed Denis Becirovic leading the Bosniak seat, Darijana Filipovic ahead in the Croat seat and Zeljka Cvijanovic likely retaining the Serb seat.
Uzbekistan’s grape exports have grown rapidly. In January-August 2025, the country exported 86,200 tonnes of fresh grapes worth $78.3 million to 19 countries but can it turn these crops into a recognisable international product?
Iran says the Strait of Hormuz will remain closed until the United States meets seven conditions agreed under a June memorandum, as President Donald Trump signals he may soon decide whether to resume military operations against Tehran.
Here's your AnewZ Daily Brief for 5 October 2026. These are the top five elections making headlines around the world.
The United States has withdrawn all 12 of its B-1 bombers from RAF Fairford in Britain, just a week after several people were arrested over an alleged plot targeting the air base.
Australian counterterrorism authorities are examining the links of the co-pilot accused of attacking the captain and attempting to take control of a flydubai flight bound for Israel. Authorities in New Zealand have also said they are investigating reports the suspect had spent time in that country.
Spain's Prime Minister Pedro Sánchez on Monday called a snap election for 29 November in a bid to strengthen his mandate after a fragmented parliament rejected the government's key housing decrees last week amid widespread protests.
King Charles’ younger brother, Andrew Mountbatten-Windsor, has launched legal action against Thames Valley Police over his arrest in connection with an investigation into documents allegedly passed to late sex offender Jeffrey Epstein, the Telegraph reported on Sunday.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment