Copyright republicworld
US Tariffs I China: After the high-stakes Xi-Trump meeting was held in Busan on October 30, Thursday, the US President Donald Trump announced a 10% reduction in tariffs, lowering the tariffs imposed on China from 57% to 47%.On rare earth elements, Trump said China rare earths deal is for a one-year-long duration, and remains extendable.Meanwhile, he noted "large amounts" of soybeans will be purchased immediately by China.Describing his meet with Xi Jinping, Trump said, “I guess on the scale from 0 to 10, with ten being the best, I would say the meeting was a 12."He said that both world leaders also discussed the export of more advanced computer chips to China, saying that Nvidia would be in talks with Chinese officials.The US President also revealed his plans to visit China next April, and his Chinese counterpart, Xi Jinping, is expected to visit the US post his tour. These favourable signals for the world economy, which has been factoring in implications of a trade rift with the and China among several other key factors, came in after US President Donald Trump and Chinese President Xi Jinping concluded their 1 hours 40 minutes long dialogue on the sidelines of the APEC Summit today.During the Trump-Xi meet held after six years, Xi Jining via a translator said, “We do not always see eye to eye with each other,”Xi conveyed via a translator, while mentioning that “it is normal for the two leading economies of the world to have frictions now and then.”Ahead of this high-stakes US-China deliberation, Trump told reporters that he might consider slashing tariffs that he placed on China earlier this year related to its role in making fentanyl.Despite Trump’s optimism after his dialogue with Xi in South Korea, there continues to be the potential for major tensions between the world’s two largest economies. Both nations are seeking dominant places in manufacturing, developing emerging technologies such as artificial intelligence, and shaping world affairs like Russia’s war in Ukraine.However, Trump’s aggressive use of tariffs since returning to the White House for a second term, combined with China’s retaliatory limits on exports of rare earth elements, gave the meeting newfound urgency.“Given our different national conditions, we do not always see eye to eye with each other,” Xi Jinping said through a translator. “It is normal for the two leading economies of the world to have frictions now and then.”In the days leading up to the meeting, US officials signaled that Trump did not intend to make good on a recent threat to impose an additional 100% import tax on Chinese goods, and China showed signs it was willing to relax its export controls on rare earths and also buy soybeans from America.Officials from both countries met earlier this week in Kuala Lumpur to lay the groundwork for their leaders. Afterward, China’s top trade negotiator Li Chenggang said they had reached a “preliminary consensus,” a statement affirmed by US Treasury Secretary Scott Bessent who said there was “ a very successful framework."(With AP Inputs)
