US reduces tariffs on China after South Korea meeting

After Trump met with Chinese president Xi Jinping on October 29th, the US president declared a reduction of the controversial “fentanyl” tariffs on China from 20% to 10%, according to the AP. China also agreed to resume the import of rare earth materials and to buy American soybeans again.

This announcement comes after a tense trade war. Trump described the meeting as a success and announced future meetings between the presidents, also hinting at a potential trade deal.

Xi Jinping  said that both countries should be focused on the long-term benefits of cooperation, instead of employing mutual retaliation. The export of the advanced computer chips essential for the global AI race were also discussed in the meeting.