Trump cuts tariffs on China after Xi meeting
Summary
President Trump announced he will reduce tariffs on Chinese goods following a meeting with Chinese leader Xi Jinping. In return, China agreed to export rare earth elements and buy American soybeans.Key Facts
- President Trump met with Chinese leader Xi Jinping and called the meeting very successful.
- The U.S. will lower certain tariffs on China from 20% to 10%.
- The combined tariff rate on China will decrease from 57% to 47%.
- China agreed to allow export of rare earth elements to the U.S.
- China will buy 25 million metric tons of U.S. soybeans annually for the next three years.
- U.S. soybean exports had halted due to the trade dispute between the U.S. and China.
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