Trump announces reduced tariffs on China, new trade deal

President Donald Trump has announced that his meeting with Chinese leader Xi Jinping has resulted in an agreement for China to open up rare earth mineral exports, buy soybean products from the US, and work to stop the flow of fentanyl into America, among other points. Trump also said following the meeting that tariffs on China would be cut. 

Trump posted to Truth Social after meeting with Xi, "I had a truly great meeting with President Xi of China. There is enormous respect between our two Countries, and that will only be enhanced with what just took place. We agreed on many things, with others, even of high importance, being very close to resolved. I was extremely honored by the fact that President Xi authorized China to begin the purchase of massive amounts of Soybeans, Sorghum, and other Farm products. Our Farmers will be very happy! In fact, as I said once before during my first Administration, Farmers should immediately go out and buy more land and larger tractors."

"I would like to thank President Xi for this! Additionally, China has agreed to continue the flow of Rare Earth, Critical Minerals, Magnets, etc., openly and freely. Very significantly, China has strongly stated that they will work diligently with us to stop the flow of Fentanyl into our Country. They will help us end the Fentanyl Crisis. China also agreed that they will begin the process of purchasing American Energy. In fact, a very large scale transaction may take place concerning the purchase of Oil and Gas from the Great State of Alaska. Chris Wright, Doug Burgum, and our respective Energy teams will be meeting to see if such an Energy Deal can be worked out," he added.

The president went on to say that the agreements reached at the meeting will bring prosperity as well as security for Americans and thanked various leaders for meeting with him during his widespread trip to Asia. After the meeting took place, Treasury Secretary Scott Bessent appeared on Fox Business, where he said the deal has been finalized, and signatures are expected to take place next week.

On Thursday, Trump announced that fentanyl-linked tariffs would be cut to 10 percent, down from 20 percent. This brings the total amount of tariffs placed on Chinese imports from 57 percent to 47 percent, per ABC News. Trump said he agreed to lower the fentanyl tariff because China had agreed to "work very hard to stop the flow" of the drug.

Just before the meeting, the president also posted to the social media platform about how the US will also begin nuclear testing, suggesting that China as well as Russia have been performing tests, and that the US has to be testing on an "equal basis" with the countries.

The move may have been a way for Trump to increase leverage going into the meeting between himself and Xi.