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Trump Cuts Tariffs, China Opens Wallet For U.S. Agriculture

“I had a truly great meeting with President Xi of China."

   DailyWire.com
Trump Cuts Tariffs, China Opens Wallet For U.S. Agriculture
Credit: Photo by Andrew Harnik/Getty Images.

President Donald Trump cut tariffs on China overnight after President Xi Jinping promised to purchase large amounts of farm products from the United States and crack down on fentanyl trafficking. 

Trump said the tariff rate on China would be reduced from 57% to 47% after a high-stakes meeting at the Asia-Pacific Economic Cooperation (APEC) Summit in South Korea. In return, he said China promised to purchase American soybeans, sorghum, and other farm products and stop the flow of fentanyl into the United States.

“I had a truly great meeting with President Xi of China. There is enormous respect between our two Countries, and that will only be enhanced with what just took place,” Trump posted on Truth Social after the meeting. “We agreed on many things, with others, even of high importance, being very close to resolved.”

Trump added that China had agreed to “continue the flow” of rare earth minerals used in products ranging from cell phones to fighter jets. China had been looking to implement strict export controls on the minerals.

“Very significantly, China has strongly stated that they will work diligently with us to stop the flow of Fentanyl into our Country. They will help us end the Fentanyl Crisis,” Trump added on Truth Social. “China also agreed that they will begin the process of purchasing American Energy. In fact, a very large scale transaction may take place concerning the purchase of Oil and Gas from the Great State of Alaska.”

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He said that Energy Secretary Chris Wright and Secretary of the Interior Doug Burgum would look into whether an energy deal was possible. 

Trump’s meeting with Xi, which lasted for about an hour and 40 minutes, included Secretary of State Marco Rubio, Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, U.S. Trade Representative Jamieson Greer, and Susie Wiles, his chief of staff. 

“Overall, I guess on the scale of from zero to 10, with 10 being the best, I would say the meeting was a 12,” Trump told reporters about the meeting, adding that he expected a trade deal to be signed “pretty soon.”

Bessent told Fox Business on Thursday morning that he expects finalization “as soon as next week.” He also said that China would purchase 25 million metric tons of soybeans over the next three years and 12 million metric tons before the end of the year.

Trump is also expected to travel back to China in April to meet with Xi.

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