Trump, Xi deal trims China tariffs
President Donald Trump said Thursday after a 100‑minute meeting with China’s Xi Jinping in Busan that the U.S. will reduce tariffs on Chinese goods, lowering one tranche tied to fentanyl-chemical sales from 20% to 10% and cutting the combined rate from 57% to 47%. China agreed to allow rare earth exports and resume U.S. soybean purchases, and Trump said Nvidia will hold talks on advanced chip exports as both sides work toward a trade deal.
📌 Key Facts
- U.S. combined tariff rate on China to drop from 57% to 47%; fentanyl‑chemical tariff cut from 20% to 10%
- China to allow rare earth element exports and begin buying American soybeans
- Leaders met Oct. 30, 2025, in Busan, South Korea; Trump said a trade deal could be signed “pretty soon” and announced reciprocal visits in 2026