Busan, Oct 30 (V7N)- US President Donald Trump has announced a 47 percent tariff cut on Chinese imports following his meeting with Chinese President Xi Jinping in Busan, South Korea, on Thursday (October 30).

Speaking to reporters aboard Air Force One after departing Busan, Trump described the talks as a “great meeting.” He said the tariffs on Chinese imports would be reduced from 57 percent to 47 percent.

In exchange, Beijing has agreed to resume purchases of US soybeans, continue exports of rare earth minerals, and curb illegal fentanyl trade, which has been a major concern for Washington. Trump also highlighted what he described as “major trade successes” with South Korea, Japan, and several Southeast Asian countries.

The high-profile meeting, held on the sidelines of the Asia-Pacific Economic Cooperation (APEC) Summit, lasted about two hours. Despite the announcement, analysts have expressed skepticism about how long the new trade détente will last, given the deep-rooted economic and geopolitical rivalry between Washington and Beijing.

It was the first in-person meeting between the two leaders in six years, since their last encounter in 2019. During the Busan talks, they reportedly discussed issues including tariffs, rare minerals, drug smuggling, and agriculture.

Analysts believe Washington may also seek Beijing’s cooperation in resolving the Russia-Ukraine conflict, as part of broader strategic engagement in the Indo-Pacific region.

END/SMA/AJ