Trump hails meeting with Xi Jinping as 'great one'
What's the story
US President Donald Trump has hailed his recent summit with Chinese President Xi Jinping as a "great one," saying it would lead to everlasting peace and success. The meeting took place on the sidelines of the Asia-Pacific Economic Cooperation (APEC) Summit in Busan, South Korea, on October 30. The two leaders reached a landmark one-year trade agreement during their talks.
Tariff reduction
US tariffs on Chinese imports reduced
The newly reached trade agreement has resulted in a major reduction of US tariffs on Chinese imports from 57% to 47%. Trump announced the deal aboard Air Force One, saying, "We have a deal." He added that the pact would be renegotiated annually but was likely to last for a long time. The tariff reduction was partly due to China's commitment to take strong action against fentanyl.
Purchase agreement
China to buy large amounts of US soybeans
As part of the trade deal, China has agreed to buy "large and tremendous amounts" of US soybeans and other farm products immediately. Trump called the decision a "very nice gesture" from President Xi Jinping. The move comes after China had previously halted purchases of US soybeans in May, following Trump's tariff announcement.
Global cooperation
China welcomes Trump's 'G-2' remark
China has welcomed President Trump's 'G-2' remark for their recent summit, emphasizing a shared commitment to address global challenges. The leaders reached agreements on trade issues, including tariffs and export controls. President Xi also met with APEC leaders, calling for collective action and a global economy that benefits all countries.