Xi agrees to not impose rare earth restrictions—Trump
(MENAFN) US President Donald Trump stated on Thursday that during his high-profile meeting with Chinese President Xi Jinping in South Korea, Xi agreed not to enforce rare earth export restrictions that had unsettled global markets and triggered warnings of retaliatory measures from Washington.
Trump described the discussions as producing an "outstanding group of decisions," highlighting Xi's reversal on the rare earth controls. The US leader also said that he plans to reduce certain tariffs he had imposed on Chinese imports related to illicit fentanyl after Xi pledged to take stronger action against the drug’s flow.
"I guess on the scale from zero to 10, with 10 being the best, I would say the meeting was a 12," Trump told reporters aboard Air Force One after leaving South Korea. "A lot of decisions were made there wasn't too much left out there."
While the White House has not issued a formal summary of the talks, Trump said he will cut the fentanyl-linked tariffs imposed in February from 20% to 10%, citing Xi’s commitment "to work very hard to stop the death that's coming in." Trump added, "But again, it's complex because of what fentanyl is, what the precursors do. So, I think you're going to see a big difference. He's going to be very strong in enforcing the fentanyl, everything having to do with fentanyl and regulations internally, including taking very strong measures against those that don't obey."
Following the adjustment, overall US tariffs on Chinese goods now stand at 47%, Trump noted. He confirmed that he will not implement the threatened increase to 100% by November 1, which had been tied to the rare earth export restrictions, due to Xi’s decision to back down.
On the topic of technology, Trump mentioned discussions over Nvidia microprocessor sales to China but said the meeting did not cover the company’s advanced Blackwell architecture. Taiwan, a central tension point in US-China relations, was also not discussed. Trump added that China committed to purchasing American soybeans, potentially providing relief to US farmers affected by the ongoing trade conflict.
Looking ahead, Trump said he will visit China in April, and Xi agreed to make a reciprocal trip to the United States at a later date, although the location for the US visit has not yet been determined.
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
