US President Donald Trump has announced a major reduction in tariffs on Chinese goods, lowering them to 47% from 57%.
After a high-level meeting with Chinese President Xi Jinping in South Korea held on Thursday, October 30, Trump confirmed the tariff cut while speaking aboard Air Force One, following his 90-minute meeting with Xi on the sidelines of the Asia-Pacific Economic Cooperation (APEC) Summit in Busan, South Korea.
Trump said the US could sign a trade deal with China “pretty soon” and also hinted at plans for a visit in April to deepen cooperation on trade and other key bilateral issues.
“It was an amazing meeting. He (Xi) is a great leader,” Trump said.
“We have come to a conclusion on many important points, and we will be sharing them with you shortly,” he added.
Trump Reduces Tariffs on China’s Imports
Regarding the trade deal, President Trump stated that their agreement covers so many elements, including agricultural products.
“We have an agreement on so many elements, large amounts, tremendous amounts of the soybeans, and other farm products are going to be purchased immediately, starting immediately. If you notice, the presidency authorized China to start buying in very large quantities of soybeans and other things, which I appreciated. That was a very nice gesture, and many other things like that,” Trump stated.
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The US President also said that the issue over US access to rare earths has been settled, and that Washington would immediately reduce tariffs on Chinese imports.
On his part, Xi told Trump, through a translator, that occasional disagreements are normal between the world’s two largest economies.
“A few days ago, our two economic and trade teams reached a basic consensus on addressing our respective major concerns and made encouraging progress. I am ready to continue working with you to build a solid foundation for China-US relations,” Xi stated.
Busan Meeting Marks the First In-Person Talks in 6 Years
The Busan meeting marked the first in-person talks between the two leaders in six years, and the first since Trump began his second term as US President in 2025.
Donald Trump’s meeting with Xi Jinping in South Korea comes about five months after the US and China agreed to a 90-day tariff truce in May 2025. In that agreement, the US sharply reduced its tariffs on Chinese imports (for the truce period) and China reciprocated by lowering its tariffs on U.S. goods.
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This truce followed the Trump administration’s 2025 tariff increases on Chinese goods. China then responded by imposing its own tariffs on US products.
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