US President Donald Trump has announced that a deal has been reached with China to reduce tariffs on Chinese goods. The rare earths trade, which was a major point of contention between the two nations, will be lifted.
In exchange for lifting the restrictions, Beijing agreed to remove export controls and buy more US soybeans. In addition, China would no longer impose any export restrictions on rare earths.
The announcement came after crucial talks in South Korea involving Chinese President Xi Jinping. Trump said that he had spoken with Xi about working together to prevent the production of fentanyl, a highly addictive opioid. As part of the agreement, Trump stated that he will lower fentanyl-linked tariffs from 20% to 10%.
In exchange for lifting the restrictions, Beijing agreed to remove export controls and buy more US soybeans. In addition, China would no longer impose any export restrictions on rare earths.
The announcement came after crucial talks in South Korea involving Chinese President Xi Jinping. Trump said that he had spoken with Xi about working together to prevent the production of fentanyl, a highly addictive opioid. As part of the agreement, Trump stated that he will lower fentanyl-linked tariffs from 20% to 10%.