US President Donald Trump and Chinese President Xi Jinping talk as they leave after a bilateral meeting at Gimhae International Airport, on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit, in Busan, South Korea, October 30, 2025.
Credit: Reuters Photo
Within minutes after meeting Chinese President Xi Jinping in South Korea, President Donald Trump on Thursday slashed the fentanyl-related tariffs on China to 10 per cent.
Trump said that the United States will cut its tariffs on Chinese goods imposed as a punishment over the flow of fentanyl to 10 per cent from 20 per cent, after meeting with Xi Jinping at the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit in South Korea.
Xi will work "very hard to stop the flow" of fentanyl, the US President said, and the tariff was reduced "because I believe they are really taking strong action."
Trump said a great deal of decisions were made in his summit with Xi Jinping, describing it as "an amazing meeting."
China will purchase "tremendous amounts" of US soybeans and other farm products "starting immediately", and a one-year agreement on rare earths has been reached which will be extended after a year, Trump said.
"They're not going to impose the rare earth controls," he said.
Trump had said earlier he expects to reduce US tariffs on Chinese goods in exchange for Beijing's commitment to curb the flow of precursor chemicals to make fentanyl, a deadly synthetic opioid that is the leading cause of American overdose deaths.
Beijing has sought the lifting of 20 per cent tariffs over fentanyl among other matters.
He also said a dispute between China and the United States had been "settled".
(with Reuters inputs)