Trump lowers China's tariffs. And, what to know for Casey Means' confirmation hearing
Summary
President Trump and Chinese leader Xi Jinping have agreed to lower tariffs on Chinese goods from 20% to 10%. China will, in turn, curb exports of fentanyl ingredients and resume buying U.S. soybeans. This decision follows a meeting during the Asia Pacific Economic Cooperation summit.Key Facts
- President Trump and Xi Jinping met in South Korea during the Asia Pacific Economic Cooperation summit.
- Tariffs on Chinese goods are reduced from 20% to 10% as part of the agreement.
- China agreed to reduce exports of ingredients used for fentanyl and to buy more U.S. soybeans.
- Economic officials from both countries discussed the trade details in Malaysia.
- President Trump also mentioned resuming nuclear weapons testing, but there has been no recent testing by Russia or China since the 1990s.
- Xi has not publicly responded to Trump's statement about nuclear arms.
- Trump’s announcement on weapons testing may be intended to pressure China but could potentially escalate tensions.
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