Trump announces tariff cuts after talks with China's Xi Jinping

President Donald Trump announced a significant reduction in U.S. tariffs on Chinese imports following a successful meeting with Chinese President Xi Jinping in Busan, South Korea, during the APEC summit. Trump described the meeting as a "12 out of 10" success and said tariffs would be cut from 57% to 47%, including lowering a specific fentanyl-related tariff from 20% to 10%. In exchange, China agreed to resume purchases of American soybeans, allow the export of rare earth elements critical for technology and defense, and potentially permit the export of advanced computer chips. Trump indicated that a trade deal with China could be signed soon, with plans for reciprocal visits between the two leaders in the near future. While U.S. officials highlighted progress, Chinese statements were more measured, emphasizing a consensus to resolve major trade issues without detailing specific agreements. Additionally, Trump announced plans to resume nuclear weapons testing to keep pace with other nations, signaling a more assertive stance on defense amidst the trade negotiations.