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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France has called on the European Union to postpone a planned vote on the long-negotiated trade agreement with the South American Mercosur bloc, citing insufficient safeguards for European farmers.
Syrian President Ahmad al-Sharaa has offered condolences to President Donald Trump following an ISIS attack near the ancient city of Palmyra that killed two U.S. soldiers and a civilian interpreter, Syrian and U.S. officials said Sunday.
At least 14 people have died and 32 others were injured after flash floods swept through Morocco’s Atlantic coastal city of Safi on Sunday, authorities said.
At least 16 people have been killed and around 40 others wounded after a mass shooting at Sydney’s Bondi Beach during a public Hanukkah celebration, Australian police said, confirming the incident is being treated as a terrorist attack.
The Oligarch’s Design is an investigative documentary exploring how financial power, political influence and carefully constructed narratives can shape conflict and public perception.
Turkish President Recep Tayyip Erdoğan reiterated his offer to host Ukraine-Russia peace talks in Ankara, at his meeting with Russian President Vladimir Putin. The talks took place on the sidelines of the international Forum for Peace and Trust in Ashgabat, Turkmenistan, on Friday (12 December).
Iranian authorities have seized a foreign tanker carrying more than 6 million litres of smuggled fuel in the Sea of Oman, detaining all 18 crew members on board.
Russia’s Human Rights Commissioner Tatyana Moskalkova says the Kyiv authorities have still not provided Moscow with a list of thousands of Ukrainian children it claims were illegally taken to Russia, despite the issue being raised during talks in Istanbul.
An explosive device found in a vehicle linked to one of the alleged attackers in Bondi shooting has been secured and removed according to Police. The incident left 12 people dead.
At least 16 people, including students, were killed and 20 others injured after a school bus carrying students from Antioqueño High School crashed and fell off a cliff in northern Colombia on Sunday, local authorities said.
The U.S. condemned a drone strike on a United Nations base in Kadugli, Sudan, on Saturday that killed six Bangladeshi peacekeepers and injured eight others.
France has called on the European Union to postpone a planned vote on the long-negotiated trade agreement with the South American Mercosur bloc, citing insufficient safeguards for European farmers.
Syrian President Ahmad al-Sharaa has offered condolences to President Donald Trump following an ISIS attack near the ancient city of Palmyra that killed two U.S. soldiers and a civilian interpreter, Syrian and U.S. officials said Sunday.
At least 14 people have died and 32 others were injured after flash floods swept through Morocco’s Atlantic coastal city of Safi on Sunday, authorities said.
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