The U.S. will halve its fentanyl-related tariff on Chinese goods to 10% following a summit between President Trump and President Xi Jinping in South Korea.
Trump, speaking aboard Air Force One after leaving South Korea, said Chinese President Xi Jinping had pledged to “work very hard to stop the flow” of fentanyl. “I believe they are really taking strong action,” he said, justifying the reduction from 20% to 10%.
He described the summit with Xi as “an amazing meeting,” adding that several agreements had been reached. China is expected to begin purchasing “tremendous amounts” of U.S. soybeans and other agricultural products “starting immediately.”
A one-year deal on rare earths has also been signed, Trump said, with a mutual intention to extend it. “They’re not going to impose the rare earth controls,” he added, in reference to earlier restrictions China had threatened amid trade tensions.
China had previously sought the lifting of fentanyl-related tariffs, which Washington imposed to pressure Beijing into tightening controls on the export of precursor chemicals.
The announcement came as Trump concluded his Asia trip, with the final leg taking him from South Korea back to the U.S.
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