Trump lowers tariff on China. Xi postpones limit on rare earths

Trump called his meeting with Xi “an incredible meeting,” while the Chinese president said it was “a pleasure” to see his American counterpart again.

Mexico City/Busan/Beijing, October 30 (However/Xinhua).- The presidents of United States (EU), Donald Trumpand of China, Xi Jinpingheld a meeting this Thursday in South Koreaduring which they managed to soften their trade war with various agreements on issues such as duty y land rare.

In addition, the leaders of the two most powerful nations in the world agreed that they will visit each other’s countries. Both expressed their satisfaction with the result of the meeting.

The meeting between the Chinese and American heads of state, held in the city of Busan, takes place after several months of tension due to the trade war waged by both countries.

President Trump revealed that China agreed to delay restrictions on the export of rare earths for one year, while the United States agreed to immediately reduce by 10 percent the tariffs imposed on Chinese products since last February for fentanyl trafficking.

A spokesperson for China’s Ministry of Commerce confirmed that the US will suspend the imposition of 24 percent of the reciprocal tariffs ordered by Trump for another year.

On the other hand, the US president expressed his intention to visit China at the beginning of next year 2026, while inviting his Chinese counterpart to visit the United States.

Meanwhile, President Xi Jinping affirmed that he is willing to continue working with his American counterpart to build a solid foundation for bilateral relations and to create a favorable environment for the development of both countries.

It is worth mentioning that prior to the meeting between both leaders, Trump announced that the US will restart its nuclear tests after 33 years of not carrying them out. In turn, he stressed that his country occupies first place in nuclear weapons, while China is third.

US and Chinese trade delegations reach agreements in Kuala Lumpur

He Chinese Ministry of Commerce announced the results achieved by the delegations of China and the United States during their recent economic and trade talks held in Kuala Lumpur.

As part of these agreements, the US will cancel 10 percent of the so-called “fentanyl tariffs” and will suspend, for an additional year, the 24 percent reciprocal tariffs imposed on Chinese products, including those from Hong Kong and Macau, according to a ministry spokesperson.

In turn, China will make corresponding adjustments to its countermeasures against the aforementioned US tariffs, the spokesperson said, noting that both sides have agreed to continue extending certain tariff exclusion measures.

The United States will suspend for one year the application of the new rule announced on September 29, which expands its restrictions on the export of its “entity list” to any entity that is at least 50 percent owned by one or more entities included in said list. China will suspend the implementation of relevant export control measures announced on October 9 for one year, and will study and refine specific plans, according to the spokesperson.

The US side will suspend for one year the implementation of measures arising from its Section 301 investigation targeting China’s maritime, logistics and shipbuilding industries. In response, China will correspondingly suspend the application of its countermeasures against the US side for one year once the US suspension takes effect, the same source added.

In addition, both sides reached consensus on issues such as anti-drug cooperation on fentanyl, the expansion of trade in agricultural products and the handling of individual cases involving relevant companies, the spokesperson said.

Likewise, both sides confirmed the results of the economic and trade talks held in Madrid. The US side made positive commitments in areas such as investment, and China will appropriately resolve issues related to TikTok together with the US side.