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Busan, October 30: US President Donald Trump on Thursday said that Washington has reached a landmark one-year trade pact with China, slashing US tariffs on Chinese imports from 57 per cent to 47 per cent, moments after his much-anticipated meeting with his Chinese counterpart Xi Jinping on the sidelines of the APEC Summit in Busan, South Korea. Speaking to reporters aboard Air Force One, Trump stated, "We have a deal," referring to the trade pact which will be routinely extended. "Every year we'll renegotiate the deal, but I think the deal will go on for a long time, long beyond the year. We'll negotiate at the end of the year," he added. Trump further noted that the 10 per cent tariff reduction on Chinese exports to the US was due to China agreeing to take "strong action" on the fentanyl issue."It was 57, now it's 47," the US President said. APEC Summit 2025: Donald Trump Calls Chinese President Xi Jinping ‘Very Tough Negotiator’ During Bilateral Talks in South Korea's Busan (Watch Videos). US President Donald Trump Holds Meeting With Chinese President Xi Jinping President Donald J. Trump meets with Chinese President Xi Jinping in South Korea. "I think we're going to have a fantastic relationship for a long period of time, and it is an honor to have you with us." pic.twitter.com/ISpVBzkvN3 — The White House (@WhiteHouse) October 30, 2025 #WATCH | President of the United States, Donald Trump, holds a meeting with Chinese President Xi Jinping in Busan, South Korea. (Source: US Network Pool via Reuters) pic.twitter.com/YG9BBDAzGt — ANI (@ANI) October 30, 2025 #WATCH | While meeting Chinese President Xi Jinping in Busan, South Korea, US President Donald Trump says, "We are going to have a very successful meeting. He is a very tough negotiator, that is not good. We know each other well. We have always had a great relationship..."… pic.twitter.com/8sZ7R2d8LJ — ANI (@ANI) October 30, 2025 "We reduced it by the fentanyl because I believe they are really taking strong action. We've already seen the action on fentanyl, and they're taking very strong action. So reduced to 10 per cent," he added. Trump further stated that the issue regarding rare earth minerals with China has also been "settled". "All of the rare earth has been settled, and that's for the world," he stated. Prior to his departure for Washington, the White House described Trump's Asia tour as a "remarkable trip" marked by significant diplomatic and economic milestones. During his multi-nation visit, Trump secured billions of dollars in new investments, announced the end of a regional conflict, signed multiple trade and mineral agreements, and held a historic meeting with Chinese President Xi Jinping, as stated by the White House-affiliated Rapid Response in a post on X. Donald Trump South Korea Visit: US President Gives Approval To Build Nuclear-Powered Submarines After Meeting His South Korean Counterpart Lee Jae Myung in Gyeongju. The meeting with Xi defined the tone of his week-long diplomatic tour. Before leaving South Korea, Trump bid farewell to South Korean officials and expressed gratitude for the warm hospitality extended during his stay. His departure followed days of back-to-back engagements that underscored Washington's efforts to strengthen alliances and advance US economic interests in the Indo-Pacific region. The White House, in a post on social media shortly before takeoff, said, "POTUS boards Air Force One and prepares for the long journey home after a remarkable trip to Asia. This week, the President secured billions in new investment, ended a war, inked multiple trade and minerals deals, met with President Xi, and more. He never stops working for the United States. "Trump's meeting with Chinese President Xi in Busan was widely viewed as the highlight of his visit.It served as a crucial opportunity for the leaders of the world's two largest economies to ease months of tension over tariffs, technology controls, and rare-earth exports. The discussions took place on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit in Busan, a key port city located around 76 kilometres south of Gyeongju, the main venue of the summit. As the talks concluded, Trump and Xi were seen shaking hands, signalling a thaw in strained relations and closing a week of high-stakes diplomacy that defined his Asia tour.
