U.S. President Donald Trump and Chinese President Xi Jinping held a meeting in the South Korean city of Busan, during which they reached a number of important agreements in the areas of geopolitics, trade, and security.
This is reported by Finway
Agreement on Tariff Reductions and Trade Expansion
The U.S. and China have decided to reduce the overall tariff level on Chinese goods from 57% to 47%. This will be possible in exchange for China’s commitment to take measures to halt the export to the U.S. of components used in the production of fentanyl. At the same time, Trump announced that China will begin importing “huge volumes” of soybeans and other American agricultural products, which will contribute to an increase in U.S. exports.
Additionally, both countries signed an annual agreement for the supply of Chinese rare earth elements to the American market and plan to extend it for another year. A preliminary agreement was also reached for China to begin purchasing American energy resources.
Joint Efforts to End the War in Ukraine
Particular attention during the negotiations was given to the issue of resolving the war in Ukraine. The leaders agreed to begin joint efforts to achieve peace and stability in the region. Trump emphasized that both sides intend to actively cooperate to resolve the conflict.
“We talked for a long time with Xi about Ukraine. We will work together to get something done. We agreed that both sides are stuck in combat. He (Xi Jinping) will help us.”
Thus, the meeting between Donald Trump and Xi Jinping became an important step not only for bilateral relations between the U.S. and China but also for global stability and the peaceful resolution of the war in Ukraine.