President Donald Trump said Thursday he will cut tariffs on Chinese imports after a much-anticipated meeting with Chinese President Xi Jinping in South Korea, citing new agreements on fentanyl enforcement, agricultural trade and a pause on rare earth export restrictions.
The meeting in the city of Busan marked the final stop of Trump’s Asia trip, which also included stops in Malaysia and Japan, and was aimed at cooling the economic standoff between Washington and Beijing.
Since returning to the White House in January, Trump has imposed high tariffs on Chinese imports — a move that prompted Beijing to tighten its control over rare earth exports. Both leaders expressed interest in easing tensions to avoid further shocks to the global economy.
Ahead of Thursday’s summit, U.S. and Chinese aides indicated the discussion would focus on tariffs, high-technology exports and supply chain competition — key sticking points that have long defined the relationship between the two powers. Trump told reporters he believed the two sides could reach an agreement.
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President Donald Trump, left, and Chinese President Xi Jinping, right, shake hands before their meeting at Gimhae International Airport in Busan, South Korea, Thursday, Oct. 30, 2025. (AP Photo/Mark Schiefelbein)
After the talks, Trump said he and Xi had had “a great meeting” and that both sides had reached “an excellent set of decisions” on key economic and security issues. The president said Xi agreed to immediately begin purchasing U.S. soybeans and other agricultural products and that China would work “very hard” to prevent fentanyl from entering the U.S.
Trump said he would cut the tariff on Chinese imports by 10 points — from 20% to 10%, according to his description — although an aide clarified that the tariffs would be closer to 45-47%, in response to Xi’s pledge to crack down on the flow of fentanyl.
“I believe he’s going to work very hard to stop the deaths coming in,” Trump said.
The two sides also reached an agreement on rare earth exports, when China agreed to suspend planned export controls for a year, Trump said. A senior government official later clarified that both leaders agreed to revisit the agreement next year, and that the arrangement could be extended at that time.
The US president also said he spoke with Xi about chip technology. He said China would be in talks with Nvidia about additional semiconductor purchases, but that the company’s latest generation of high-end processors was not part of the conversation.
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President Donald Trump, right, with Secretary of State Marco Rubio, second from right, and Commerce Secretary Howard Lutnick, third from right, meets with Chinese President Xi Jinping at Gimhae International Airport in Busan, South Korea, Thursday, October 30, 2025. (AP Photo/Mark Schiefelbein)
The president described the outcome of the deal as a one-year framework agreement that would be renewed annually.
“We have a deal,” Trump said. “Every year we will renegotiate the deal, but I think it will last a long time.”
Trump also said the administration has announced plans for reciprocal visits, with the US president traveling to China in April and Xi visiting the US later this year.
The meeting, which lasted about an hour and forty minutes, concluded with a brief photo opportunity before the two leaders went their separate ways. Afterwards, neither side released details about what had been discussed. Trump left Busan without questions asked, waving to the press pool as he climbed the stairs to Air Force One.
As cameras clicked, Trump leaned toward Xi and appeared to speak softly before shaking hands and boarding the plane.
Trump and Xi spoke briefly to the press before beginning a closed-door session of less than two hours with senior aides.
“It’s an honor to be with a friend of mine,” Trump said of Xi, adding that while some issues remain unresolved, “I think we’ve already agreed to a lot of things.”
Chinese President Xi Jinping, center, meets with President Donald Trump, not pictured, at Gimhae International Airport in Busan, South Korea, Thursday, Oct. 30, 2025. (AP Photo/Mark Schiefelbein)
Xi said in his opening speech that “it feels very warm to see you again because it has been many years.”
The Chinese leader acknowledged that occasional friction between major powers is normal, adding that the US and China “can still find ways to prosper side by side.”
Earlier aboard Air Force One en route to South Korea, Trump suggested he might reduce tariffs imposed on China because of Beijing’s cooperation in curbing fentanyl exports.
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“I expect to lower that because I believe they’re going to help us with the fentanyl situation,” Trump said, adding: “The relationship with China is very good.”
The Associated Press contributed to this report.
