Trump Announces China Tariff Cuts After Xi Meeting

President Trump and Chinese leader Xi Jinping met in Busan, South Korea, in their first face-to-face meeting in six years, which Trump called a breakthrough. Trump announced immediate tariff cuts—reducing punitive tariffs from 20% to 10% and lowering combined U.S. import taxes on Chinese goods from about 57% to roughly 47%—and said China would resume purchases of U.S. soybeans. Beijing agreed to lift or pause recent rare-earth export restrictions and to work to curb exports of chemicals tied to fentanyl production; the sides also discussed scaling back some export controls with follow-up talks on advanced chips. Both governments framed the meeting as constructive but released few public details, and observers warned questions remain about durability and enforcement. Trump said he plans to visit China in April and Xi would visit the U.S. later, while separate issues including TikTok negotiations remain unresolved.