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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Dubai has restricted foreign airlines to one daily flight to its airports until 31 May due to the Iran crisis, raising fears of significant revenue losses for Indian carriers, industry letters show.
The U.S. and Iran are meeting in Pakistan under a fragile ceasefire but remain deeply divided over Tehran’s nuclear programme, sanctions and regional security. With fighting in Lebanon escalating, the talks face mounting pressure.
A French fashion label is placing China at the heart of its global ambitions, choosing Shanghai for its worldwide debut in a move that shows growing confidence in the country’s consumer market and cultural influence.
Chinese President Xi Jinping has told Taiwan opposition leader Cheng Li-wun that “people on both sides of the Taiwan Strait are Chinese” and that the future of cross-strait ties should be decided by “the Chinese people themselves”.
China and Russia vetoed a United Nations Security Council resolution on Tuesday aimed at coordinating defensive efforts to protect commercial shipping in the Strait of Hormuz, leaving no agreed international framework for securing the vital route.
Lebanon’s Hezbollah said it had stopped firing on northern Israel and Israeli forces on Wednesday as part of a two-week ceasefire in the Middle East brokered between the United States and Iran. However, a Hezbollah lawmaker warned that the pause could collapse if Tel Aviv does not adhere to it.
Israeli Prime Minister Benjamin Netanyahu says he has given an instruction for Israel to begin peace talks with Lebanon that would also include the disarming of Hezbollah.
At least six people have died after weeks of heavy rainfall triggered flooding in Russia’s southern region of Dagestan. The latest victim, an elderly woman, was found beneath rubble in the village of Mikhaylovka, the Russian Emergency Ministry said on Tuesday (7 April).
Some geographies are small on the map yet immense in history. The Strait of Hormuz is one. About a quarter of global oil trade and a fifth of LNG flows pass through this narrow corridor - around 20 million barrels per day sustaining the global system.
Chinese President Xi Jinping has told Taiwan opposition leader Cheng Li-wun that “people on both sides of the Taiwan Strait are Chinese” and that the future of cross-strait ties should be decided by “the Chinese people themselves”.
Three months following the U.S. raid that captured socialist President Nicolas Maduro on 3 January, the Venezuelan National Assembly approved a new law on Thursday loosening the state’s grip on mining investments to open the sector for private and foreign companies.
Start your day informed with the AnewZ Morning Brief. Here are the top stories for 10 April, covering the latest developments you need to know.
U.S. President Donald Trump’s fellow Republicans in the House of Representatives have blocked an attempt led by House Minority Leader Hakeem Jeffries to restrict presidential war powers over military action involving Iran.
Russian President Vladimir Putin announced on Thursday an Easter ceasefire with Ukraine lasting 32-hours and said that Kyiv has agreed to abide by the measure. The ceasefire is expected to begin at 16:00 (13:00 GMT) on Saturday 11 April and last until midnight Sunday 12 April, the Kremlin said.
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