Busan: US President Donald Trump announced a reduction in tariffs on China to 47% after a notable meeting with Chinese President Xi Jinping. The agreement, reached in the South Korean city of Busan during their first face-to-face talks since 2019, includes Beijing’s commitment to resume purchases of US soybeans, maintain the export of rare earths, and intensify efforts to curb the illicit trade of fentanyl.

According to National News Agency – Lebanon, President Trump’s remarks came after concluding his whirlwind Asia trip, which also saw him promoting trade agreements with South Korea, Japan, and Southeast Asian countries. “I thought it was an amazing meeting,” President Trump commented to reporters aboard Air Force One shortly after departing Busan. He further detailed that tariffs on Chinese imports would be reduced from 57% to 47%.

The announcement led to volatile trading in global stock markets, with major Asian indexes and European futures experiencing fluctuations between gains and losses as details of the deal emerged.

In a statement following the meeting, President Xi confirmed that China had reached a consensus with the United States on several economic and trade matters. “The economic and trade teams of the two countries exchanged in-depth views on important economic and trade issues and reached a consensus on resolving them,” President Xi stated, as reported by state news agency Xinhua.