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.
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Typhoon Champi swept past Taiwan on Saturday, leaving one person dead and more than 500 injured as strong winds and torrential rain brought down trees, cut power and disrupted transport across the island.
French President Emmanuel Macron on Friday described a deadly shooting in the towns of Trappes and La Verrière, west of Paris, as a racist attack and ‘a turning point’ for the country.
Israeli forces have maintained a tight closure on Hebron in the occupied West Bank for a second day, with Palestinian media reporting home raids, mass detentions and dozens of residents forced outside following a shooting incident the day before.
German police have detained a suspect after a major fire broke out at the historic Kehlsteinhaus, known as the “Eagle’s Nest”, a mountain retreat once used by senior Nazi officials, including Adolf Hitler.
Venezuelan opposition leader María Corina Machado has returned to the South American nation almost a year after she secretly left the country to travel to Norway for the Nobel Peace Prize ceremony.
Riot police fired tear gas at protesters in France’s largest cities and more than 1,300 people were arrested during demonstrations against the rising cost of living on Saturday (24 October). Police also used a water cannon on a group of around 500 hooded youths in Paris, after the main rally ended.
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Protests against war and rising living costs took place in major Italian cities on Saturday, with some incidents of violence and clashes, a week after unrest erupted across the country.
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