Trump: Meeting with Xi was a resounding success. Tariff cuts and energy agreement reached.
The summit in Busan lasted less than two hours. The United States and China announced tariff reductions and agreements on energy and rare earths. Taiwan and North Korea were not discussed.
Trump: Meeting with Xi was a resounding success. Tariff cuts and energy agreement reached.
On Thursday, October 23, in Busan, South Korea, Donald Trump and Xi Jinping met for the first time in six years. The summit lasted less than two hours and did not produce joint statements, but the two leaders have defined the meeting was a great success.
Trump commented: “On a scale of 1 to 10, the meeting with Xi was a 12”. Smiles, handshakes and relaxed tones characterized the so-called “G-2”, despite a few hours earlier the American president had announced the resumption of nuclear tests after thirty years of hiatus, "like other countries do."
The meeting confirmed and expanded the progress achieved by negotiators in recent days.: China has agreed to initiate purchases of US energy, with a possible major oil and gas operation from Alaska. Xi spoke of "consensus on economic and trade issues" and “follow-up work to be completed as soon as possible”.
On the commercial front, Trump announced a reduction in tariffs on Chinese goods from 57% to 47% and on fentanyl-related goods from 20% to 10%, in exchange for Beijing's commitment to cooperate against drug trafficking. Agreement also on Rare lands, with exports guaranteed for one year and annual renewal, and the green light for immediate purchases of American soybeans, a measure that aims to to calm discontent among farmers Americans, one of the pillars of the tycoon's electorate.
The summit confirmed the scheduling new visitsTrump will travel to China in April, while Xi will return later. On the Ukraine issue, the two countries “they will work together”, while Taiwan was not discussed. US chip exports to China remain at the center of the debate: Some technologies remain excluded, including Nvidia's strategic Blackwell artificial intelligence chip.
“It's a great honor to be here with a long-time friend of mine.”, said Trump sitting at the table with Xi. The Chinese president replied: “It's normal that the two major economies of the world have frictions, but we must stay on course."
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