Trump cuts tariffs on China, announces end to ‘rare earths roadblock’ after meeting with Xi Jinping

United States President Donald Trump on Thursday said that following an “amazing” meeting with Chinese President Xi Jinping, he has agreed to reduce tariffs on China in exchange for Beijing keeping rare earth exports flowing and cracking down on the illicit fentanyl trade, The Guardian reported.

Speaking to reporters aboard Air Force One after the talks in South Korea’s Busan, Trump said China would lift restrictions on rare earth exports as part of a one-year deal expected to be renewed annually.

Following this, only Brazil and India remain subject to higher tariffs among major US trading partners.

“All of the rare earth has been settled,” Trump was quoted as saying. “That’s for the world, worldwide. You could say this was a worldwide situation, not just a US situation. There is no roadblock at all on rare earth. That will hopefully disappear from our vocabulary for a little while.”

The US president added that the agreement would help maintain global supply and ease concerns about shortages affecting industries such as electronics and defence technology.

Rare earth minerals are essential for the production of smartphones, electric vehicles and defence systems, and have been central to recent trade tensions between the two countries.

After the meeting, China announced a one-year pause on export controls introduced on October 9, when it had expanded its rare...

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