Washington: US President Donald Trump on Thursday announced several developments following his talks with Chinese President Xi Jinping, including a reduction in tariffs on Chinese imports, agreements on rare earth minerals, and large-scale purchases of American farm products.

Speaking to reporters aboard Air Force One, Trump said he had decided to lower tariffs on Chinese goods from 57% to 47%, a move that follows discussions aimed at curbing fentanyl trafficking. Prior to the meeting, Trump had threatened a major tariff hike that could have boosted duties by 100%, but he confirmed that such escalation was no longer necessary.

Rare earths deal secured

Trump also said the talks resolved long-standing tensions over rare earth metals, crucial for everything from electronics to energy and defence systems. China, which holds a near-monopoly on these minerals, has agreed to a one-year supply deal, extendable annually.

“All the rare earths has been settled, and that's for the world,” Trump said, adding that the deal ensures continued access to these critical resources. During his Asia tour, he also signed a related agreement with Japan to secure supplies of critical minerals and rare earths.

Boost for US agriculture

In addition, Trump revealed that China has agreed to purchase “tremendous amounts” of soybeans and other agricultural products, marking a major win for American farmers.

“We're in agreement on so many elements... tremendous amounts of soybeans and other farm products are going to be purchased immediately,” he said.