U.S. President Donald Trump on Thursday called his meeting with Chinese leader Xi Jinping in South Korea very successful and announced a reduction in the customs tariffs set for China, LETA reports citing AP.
Trump told reporters aboard Air Force One that the U.S. will reduce tariffs imposed this year as punishment to China for selling chemicals used to produce fentanyl from 20% to 10%. Thus, the overall customs tariff rate for China will decrease from 57% to 47%.
"On a scale from 0 to 10, where ten is the highest score, our meeting can be rated a 12," Trump said.
He announced that he will travel to China in April, and Xi will come to the U.S. "sometime after that." The President added that the parties also discussed the export of advanced computer chips to China, emphasizing that the American chip and software manufacturer Nvidia will negotiate with Chinese officials.
Trump stated that a trade agreement with China could be signed in the near future.
He also mentioned that the agreement reached includes an immediate purchase by China of "a huge amount of soybeans and other agricultural products."
The negotiations also resulted in an agreement allowing China to export rare earth elements. Trump was previously outraged by China's export control on rare earth minerals, as they are an important component of modern technologies.
Meanwhile, Xi stated after the meeting with Trump that China has reached an agreement with the United States on economic and trade issues.
