President Donald Trump and Chinese President Xi Jinping met for their first face-to-face talks in six years on Thursday, reaching a one-year agreement with China on rare earths and reducing fentanyl tariffs.
The two leaders met at an air base in Busan, South Korea, and the meeting lasted nearly two hours.
Before the meeting, Trump expressed optimism about the United States’ relationship with China, hoping to end a months-long trade war.
“I think we’ve already agreed to a lot of things, and we’ll agree to some more right now, but President Xi is a great leader of a great country, and I think we’re going to have a fantastic relationship for a long period of time,” Trump said.
Xi said he has spoken to Trump multiple times since January.
“Given our different national conditions, we do not always see eye-to-eye with each other, and it is normal for the two leading economies of the world to have frictions now and then,” Xi said through an interpreter.
Speaking to reporters aboard Air Force One on his way back to Washington, Trump said the 20% tariffs on China related to fentanyl were being reduced to 10% and he would visit China next year.
He called the meeting with Xi “amazing” and said that “a lot of decisions were made.”
“Rare earth issue has been settled,” Trump said, adding that it is a 1-year agreement that will be negotiated every year. Tariffs on Chinese exports will also be lowered to 47% from 57%
In return for the reduced tariffs, China will “work very hard to stop fentanyl” and resume purchases of American soybeans.
Trump said he will be going to China in April, followed by a trip by Xi to the U.S.
Sitting across the table from Trump, China’s leader said it was a “great pleasure” to meet the U.S. president for the sixth time.
“China’s development goes hand in hand with your vision to Make Amerca Great Again,” Xi said, according to a readout by the Chinese foreign ministry.
