Trump says US reached one-year trade pact with China, cut tariffs to 47 pc

BUSAN, SOUTH KOREA: US President Donald Trump on Thursday said Washington has reached a landmark one-year trade pact with China, slashing US tariffs on Chinese imports from 57% to 47%, moments after his meeting with Chinese President Xi Jinping on the sidelines of the APEC Summit in Busan, South Korea.

Speaking to reporters aboard Air Force One, Trump said, "We have a deal," referring to the trade pact, which will be routinely extended. "Every year we'll renegotiate the deal, but I think the deal will go on for a long time, long beyond the year. We'll negotiate at the end of the year," he added.

US President Donald Trump (centre, L) and China's President Xi Jinping (centre, R) leave after their talks at the Gimhae Air Base, located next to the Gimhae International Airport in Busan on October 30, 2025. Photo: AFP via RSS

US President Donald Trump (R) and China's President Xi Jinping (L) hold talks at the Gimhae Air Base, located next to the Gimhae International Airport in Busan on October 30, 2025. Photo: AFP via RSS

US President Donald Trump (L) talks to China's President Xi Jinping as they shake hands after their talks at the Gimhae Air Base, located next to the Gimhae International Airport in Busan on October 30, 2025. Photo: AFP via RSS

US President Donald Trump (L) and China's President Xi Jinping greet each other as they arrive for talks at the Gimhae Air Base, located next to the Gimhae International Airport in Busan on October 30, 2025. Photo: AFP via RSS

Trump said the 10% tariff reduction on Chinese exports to the US was due to China agreeing to take "strong action" on the fentanyl issue. "It was 57, now it's 47," the US President said. "We reduced it by the fentanyl because I believe they are really taking strong action. We've already seen the action on fentanyl, and they're taking very strong action. So reduced to 10%."

He also said the issue regarding rare earth minerals with China has been "settled". "All of the rare earth has been settled, and that's for the world," he stated.

Before he departed for Washington, the White House described Trump's Asia tour as a "remarkable trip" marked by significant diplomatic and economic milestones. During the multi‑nation visit, Trump secured billions of dollars in new investments, announced the end of a regional conflict, signed multiple trade and mineral agreements, and held a historic meeting with Xi, the White House‑affiliated Rapid Response said in a post on X.

The meeting with Xi defined the tone of his week‑long diplomatic tour. Before leaving South Korea, Trump bid farewell to South Korean officials and expressed gratitude for the hospitality extended during his stay. His departure followed days of back‑to‑back engagements that underscored Washington's efforts to strengthen alliances and advance US economic interests in the Indo‑Pacific region.

The White House posted shortly before takeoff: "POTUS boards Air Force One and prepares for the long journey home after a remarkable trip to Asia. This week, the President secured billions in new investment, ended a war, inked multiple trade and minerals deals, met with President Xi, and more. He never stops working for the United States."

Trump's meeting with Xi in Busan was widely viewed as the highlight of his visit, providing a crucial opportunity for the leaders of the world's two largest economies to ease months of tension over tariffs, technology controls, and rare‑earth exports. The discussions took place on the sidelines of the Asia‑Pacific Economic Cooperation summit in Busan, about 76 kilometres south of Gyeongju, the summit's main venue.

As the talks concluded, Trump and Xi were seen shaking hands, signalling a thaw in strained relations and closing a week of high‑stakes diplomacy that defined his Asia tour.

By RSS/ANI