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Trump announced reductions in tariffs on Chinese goods and said China would drop restrictions on rare earth minerals for a year, likely with routine extensions. What to know today... TRUMP-XI MEETING: President Donald Trump concluded his summit with Chinese President Xi Jinping in South Korea, his last stop on his weeklong trip to Asia. After the meeting, Trump said the U.S. would cut fentanyl-related tariffs in half, to 10%, and overall duties on Chinese goods to around 47%, while China would drop planned restrictions on rare earth minerals for a year, likely with routine extensions. SOUTH KOREA TRADE: During Trump's trip, the U.S. and South Korea finalized a trade deal that will cut tariffs on Korean autos and other goods to 15% and bring $350 billion in investments into the U.S., including for shipbuilding. NUCLEAR TESTING: Before his meeting with Xi, Trump said on Truth Social that he had directed the Defense Department to “immediately” start testing nuclear weapons “on an equal basis” with other nations. SHUTDOWN PAIN INTENSIFIES: Food assistance, health care costs, air travel and military pay will all face major strain in the coming days as the government funding lapse nears a full month with no resolution in sight. Trump orders Pentagon to start testing nuclear weapons ‘on an equal basis’ with other countries Trump said yesterday that he had instructed the Defense Department to “immediately” start testing nuclear weapons “on an equal basis” with other nations. “Because of other countries testing programs, I have instructed the Department of War to start testing our Nuclear Weapons on an equal basis,” Trump said on Truth Social shortly before his highly anticipated meeting with Chinese President Xi Jinping in South Korea. “That process will begin immediately.” The last confirmed nuclear test by the United States was in 1992, when President George H.W. Bush announced a moratorium on underground nuclear testing. The United States has the ability to resume tests at a federal site in Nevada. Read the full story here. What Trump and Xi did and did not agree upon in their meeting From fentanyl to rare earths, Trump’s highly anticipated meeting with Chinese leader Xi Jinping on the last leg of his three-country Asia tour saw the world’s two biggest economies ease their trade tensions, or at least some of them. “A lot of finalization,” Trump told reporters on Air Force One after departing Busan, South Korea, where he met with Xi today for about an hour and 40 minutes, saying he would rate the “amazing” meeting a “12” on a scale from zero to 10. While the two leaders did not ink a finalized agreement, Trump said a deal could be signed “pretty soon” and that there were “not too many major stumbling blocks.” Trump said that he would visit China in April, and that Xi would visit either Florida or Washington “some time after that.” Read the full story here. Trump lowers fentanyl tariffs on China, while Xi delays rare earth export controls Trump said after meeting with Chinese President Xi Jinping that he was lowering tariffs in exchange for a crackdown on fentanyl and that he would visit China in April. Speaking to reporters on Air Force One on his way back to Washington, Trump said he would reduce his fentanyl tariff on China to 10% from 20%, effective immediately, after Xi agreed to intensify China’s efforts to stem the illicit international flow of precursor chemicals for the deadly opioid. He said his meeting with Xi was “amazing,” rating it a “12” on a scale of one to 10, and said that with few major obstacles remaining, a sweeping trade deal would soon be ready. Read the full story here.
