Trump slashes tariffs on China after meeting Xi

President Donald Trump and President Xi Jinping met on Thursday in the southern port city of Busan, South Korea, their first face-to-face contact since 2019. At the start of the long-awaited session, Xi told Trump through a translator that it was normal for the two top economies of the world to have friction occasionally.

Flanked by senior government officials, Trump and Xi deliberated on a range of issues, including business and trade, Chinese rare earth minerals, and the spread of Fentanyl.

The talks also touched on the sale of TikTok, which has been extended repeatedly, and the purchase of America’s soybeans after China stopped dealing because of the United States’ tariffs.

A major outcome was Trump’s decision to reduce the tariffs on Chinese imports by 10% percent. This means an overall average tariff of 47% henceforth, from 57%.

The leaders agreed to collaborate on Ukraine, while China will continue ordering America’s soybeans and resume rare earth exports. Discussions on Nvidia chip restrictions will continue.

The U.S. president indicated he would travel to Beijing, tentatively in April 2026. However, China is expected to communicate about Xi’s reciprocal trip to America.

After the meeting, which lasted nearly two hours, the leaders were all smiles and cordial as they stepped out of the venue located within the Gimhae Air Base.

President Trump shook hands and walked President Xi to his car. The heads of state met on the sidelines of the 2025 Asia-Pacific Economic Cooperation summit.