US-China Deal: Key Takeaways

President Donald Trump announced on Thursday that the United States and China have reached a series of agreements after he met with Chinese Communist leader Xi Jinping. The president told reporters that he would reduce the fentanyl tariff on China from 20% to 10% and cut the overall tariff on China from 57% to 47%. Trump said after the meeting that he plans to visit China in April next year. According to Treasury Secretary Scott Besant, China agreed to buy 12 million metric tons of soybeans this season and committed to buy 25 million metric tons annually in the next three years. China also agreed to a one-year pause on its plan to impose stringent export controls on rare earths. He mentioned the agreement could be extended after a year. There's no roadblock at That will hopefully disappear from our vocabulary for a little while, Trump told reporters aboard Air Force One shortly after his meeting with Xi.