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.
Europe is increasingly viewing the South Caucasus not as a region of frozen conflicts, but as a space of opportunity, stability and strategic connecti...
Israel will reopen Gaza’s Rafah border crossing with Egypt on Sunday (1 February), allowing limited movement of Palestinians in both directions afte...
Iran’s Foreign Minister Abbas Araghchi denounced the European Union's designation of the Islamic Revolution Guards Corps (IRGC) as a terrorist organ...
American Airlines plans to resume flights to Venezuela for the first time in more than six years, pending government approval and security assessments...
Canadian Prime Minister Mark Carney said on Thursday (29 January) he expected the U.S. administration to respect Canadian sovereignty, after reports t...
Israel will reopen Gaza’s Rafah border crossing with Egypt on Sunday (1 February), allowing limited movement of Palestinians in both directions after nearly two years of closure, Israeli authorities said on Friday.
Iran’s Foreign Minister Abbas Araghchi denounced the European Union's designation of the Islamic Revolution Guards Corps (IRGC) as a terrorist organisation as “another major strategic mistake” and “PR stunt.”
The Kremlin said on Friday (30 January) that Russian President had received a personal request from his U.S. counterpart, Donald Trump. The request was to halt strikes on Kyiv until 1 February to create a favourable environment for peace negotiations.
The European Commission has announced €153 million ($183 million) in emergency aid for Ukraine, alongside €8 million ($9.5 million) to support Moldova, which hosts large numbers of Ukrainian refugees.
Liverpool confirmed direct qualification to the UEFA Champions League round of 16 with a 6-0 win over Qarabağ at Anfield in their final league-phase match. Despite the setback, Qarabağ secured a play-off spot, with results elsewhere going in the Azerbaijani champions’ favour on the final matchday.
China is supplying key industrial equipment that has enabled Russia to speed up production of its newest nuclear-capable hypersonic missile, an investigation by The Telegraph has found, heightening concerns in Europe over Moscow’s ability to threaten the West despite international sanctions.
Storm Kristin has killed at least five people and left more than 850,000 residents of central and northern Portugal without electricity on Wednesday (28 January), as it toppled trees, damaged homes, and disrupted road and rail traffic before moving inland to Spain.
“This is a strategic wake-up call for all of Europe” French President Emmanuel Macron warned on Wednesday, 28 January, as he hosted Danish Prime Minister Mette Frederiksen and Greenland’s premier, Jens-Frederik Nielsen, in Paris to reaffirm France’s support for Greenland’s sovereignty.
U.S. Secretary of State Marco Rubio said the Iranian government is likely weaker than at any point in recent history, warning that protests could reignite despite a violent crackdown that has killed thousands.
Canadian Prime Minister Mark Carney said on Thursday (29 January) he expected the U.S. administration to respect Canadian sovereignty, after reports that U.S. officials met Alberta separatists.
Start your day informed with AnewZ Morning Brief: here are the top news stories for the 30th of January, covering the latest developments you need to know.
U.S. President Donald Trump has warned Britain against doing business with Beijing. His comments came as Prime Minister Keir Starmer highlighted the economic benefits of resetting relations with China during a visit on Friday (30 January).
U.S. President Donald Trump has warned of tariffs on countries supplying oil to Cuba on Thursday (29 January), as Washington ramps up pressure on the Caribbean nation.
The Kremlin said on Friday (30 January) that Russian President had received a personal request from his U.S. counterpart, Donald Trump. The request was to halt strikes on Kyiv until 1 February to create a favourable environment for peace negotiations.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment