U.S. President Donald Trump and Chinese leader Xi Jinping held talks in the South Korean city of Busan, reaching significant agreements in the areas of trade, energy, and international security.
This is reported by Business • Media
Tariff Reductions and New Economic Measures
The U.S. and China agreed to reduce the overall tariffs on Chinese goods from 57% to 47%. In turn, China committed to taking measures to halt the export to the U.S. of components used in the production of fentanyl. Additionally, the Chinese side agreed to import significant quantities of soybeans and other agricultural products from the U.S. Both countries signed an annual agreement for the supply of rare earth elements from China to the U.S., with the possibility of extending it for another year. An agreement was also reached to begin the purchase of American energy resources by China.
Joint Position on Ukraine
The parties separately discussed the issue of resolving the war in Ukraine. Trump emphasized the intention to cooperate with China to make progress on this matter. In particular, he highlighted the importance of support from the PRC in seeking ways to end the hostilities.
“We talked for a long time with Xi about Ukraine. We will work together to get something done. We agreed that both sides are stuck in the fighting. He (Xi Jinping) will help us,” Trump stated.
The meeting in Busan marked an important step towards deepening cooperation between the two largest economies in the world and opens new prospects for international stability and development.