Trump reduces tariffs on China, says rare earth dispute settled after meeting with Xi

President Donald Trump and Chinese leader Xi Jinping met in South Korea—their first face-to-face meeting in six years.

After the discussion, the US agreed to cut tariffs on Chinese goods from 57% to 47%, including lowering the fentanyl-related tariff to 10%, in exchange for China’s pledge to curb exports of chemicals used to make the deadly drug.

Both nations also reached a consensus on easing trade tensions. China agreed to remove barriers on rare-earth exports critical for EVs and medical devices, and to boost US soybean purchases, offering relief to American farmers. 

Notably, South Korea honored Trump with a gold crown.

President Trump said he would visit China in April, describing the discussion as very friendly and a 12 out of 10.

Meanwhile, the ongoing government shutdown, now nearing a month, is straining food assistance, health care, air travel, and military pay as Washington remains deadlocked over funding.