Donald Trump, Xi Jinping reach deal to cut tariffs and boost trade

Busan  (Web Desk): In a historic meeting between Chinese President Xi Jinping and U.S. President Donald Trump, a one-year trade agreement was finalized.

Both leaders agreed to extend the deal, which will see a reduction in tariffs imposed on China. Trump announced that tariffs on China would be reduced from 57% to 47%.

President Trump described the meeting as highly successful, calling the discussions with President Xi "amazing" and stating that several key decisions were made between the two nations.

He further mentioned that a solution was found regarding rare earth minerals, which would improve trade between the U.S. and China.

During the meeting, Trump also agreed to increase cooperation with China on the issue of Ukraine, emphasizing that both leaders recognized the need for joint efforts to resolve ongoing global conflicts and crises. However, Trump made it clear that the issue of Taiwan was not discussed during the talks.

President Xi Jinping remarked that China and the U.S. should further strengthen their relationship based on partnership and friendship in order to address global challenges.

He emphasized that as two of the world's largest countries, both China and the U.S. have a shared responsibility to work together for global peace and economic stability.

The meeting took place in Busan, South Korea, and lasted about one hour and 40 minutes, significantly exceeding the scheduled time. U.S. officials present at the meeting included Secretary of State Marco Rubio, Treasury Secretary Scott Bencic, and U.S. Ambassador to China David Perdue, among others.

The Chinese delegation, led by President Xi, also included Foreign Minister Wang Yi, Vice Foreign Minister Ma Zhao Su, and other senior officials.