US President Donald Trump has hailed a recent meeting with Chinese leader Xi Jinping as an "amazing success", marking a significant shift in the countries' trade relationship.
In a press statement, Trump announced that China agreed to cut tariffs by 10 percentage points and to allow the export of rare earth elements, a crucial component used in cutting-edge technologies such as smartphones and military equipment.
Furthermore, Beijing has reportedly agreed to increase its purchases of American soybeans and crack down on the illicit trade of fentanyl, a deadly opioid that has been linked to thousands of US overdose deaths.
While details of the agreement remain scarce, experts suggest that this sudden about-face from China's stance could be driven by growing economic pressure, particularly in light of the ongoing US-China trade war.
In a press statement, Trump announced that China agreed to cut tariffs by 10 percentage points and to allow the export of rare earth elements, a crucial component used in cutting-edge technologies such as smartphones and military equipment.
Furthermore, Beijing has reportedly agreed to increase its purchases of American soybeans and crack down on the illicit trade of fentanyl, a deadly opioid that has been linked to thousands of US overdose deaths.
While details of the agreement remain scarce, experts suggest that this sudden about-face from China's stance could be driven by growing economic pressure, particularly in light of the ongoing US-China trade war.