Trump, aboard Air Force One after the meeting, announced that a statement with details of the negotiations would be published soon. He also emphasized that the U.S. and China had reached an annual trade agreement that would be regularly updated, adding that the signing of the deal is expected shortly, as only a few significant issues remain. Tariffs on imports from China will be reduced by 10%, which will lower the overall level from 57% to 47%, and tariffs on fentanyl will decrease from 20% to 10%. In response, China committed to intensifying its fight against the supply of components for this drug to the U.S.
China will also resume purchases of American soybeans and lift restrictions on the export of rare earth metals. According to sources, Beijing will postpone the introduction of new export restrictions for a whole year.
“The issues with rare earth elements have been resolved — now there are no barriers from China,” Trump added.
Additionally, the leaders discussed the situation in Ukraine, and Trump stated that they agreed to work together in this direction. “Sometimes it is necessary to face problems, but we will strive for progress,” he said.
Trump also announced his intention to visit China in April next year, while Xi Jinping plans to make a reciprocal visit to the U.S. soon.
Xi Jinping noted that “it is normal for frictions to arise between the two largest economies,” but emphasized the importance of friendship and partnership between China and the U.S. He called for cooperation, reducing disagreements, and expanding the agenda for interaction.
“China does not intend to challenge other countries — we just want to take care of our own affairs and do it well,” concluded the Chairman of the People's Republic of China.
The negotiations between Trump and Xi Jinping in Busan lasted 1 hour and 40 minutes and were held in a closed format.
