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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Thousands of protesters rallied across Denmark on Saturday in a show of solidarity with Greenland after Donald Trump threatened to use economic pressure, including tariffs, and did not rule out force to secure U.S. control of the Arctic island, demonstrators and organisers said.
Egypt and Sudan have welcomed an offer by U.S. President Donald Trump to restart mediation with Ethiopia in a bid to resolve the long-running dispute over Nile River water sharing.
Ukrainian President Volodymyr Zelenskyy said on Friday that allied supplies of air defence systems and missiles were insufficient as Russia prepares new large-scale attacks.
At least four people were injured after a large fire and explosions hit a residential building in the Dutch city of Utrecht, authorities said.
A railway power outage in Tokyo disrupted the morning commute for roughly 673,000 passengers on Friday (16 January) as two main lines with some of the world's busiest stations were halted after reports of a fire.
Russian President Vladimir Putin has warned that the international situation is worsening and that the world is becoming more dangerous, while avoiding public comment on events in Venezuela and Iran.
President Donald Trump announced Thursday evening that the long-awaited “Board of Peace” to oversee Gaza’s reconstruction has officially been formed.
Venezuelan opposition leader Maria Corina Machado said she presented her Nobel Peace Prize medal to U.S. President Donald Trump during their meeting on Thursday, 15 January.
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