The BRICS TimesPresident Donald Trump took a significant step after his meeting with Chinese President Xi Jinping. He has reduced the tariffs previously placed on Chinese goods.
Trump and Xi Meet After Six Years
US President Donald Trump and China’s President Xi Jinping met after almost six years. They held their meeting in Busan, South Korea, on Thursday, October 30. A key announcement followed this crucial meeting. President Trump declared he was cutting the tariff on China. He mentioned discussing several issues with China. An update on a trade deal is expected soon. America has reduced the tariff on China by 10 percent.
Tariff Reduction on Fentanyl
According to an ‘ANI’ report, Donald Trump spoke about the tariffs. He said, “As you know, I had a 20 percent tariff on China due to fentanyl, but after listening to their words, I reduced it by 10 percent, and this will be effective immediately.”
Trump’s China Visit and Trade Deal
Trump announced several important decisions were made. He declared a further reduction in the overall tariffs on China. The tariff will drop from 57 percent to 47 percent. He also confirmed he will visit China in April. They will sign a trade deal quickly. Following this, Xi Jinping will visit the United States.
China to Resume Soybean Purchases
The ongoing tension between the US and China is nearing its end. This follows the meeting between Trump and Jinping. Trump shared that China will immediately start buying US soybean. China had stopped buying American soybean after Trump raised the tariffs. This had caused losses for US farmers. Now, the differences between both nations are largely diminishing.
