Trump Lowers Chinese Tariffs 10%; Makes Deal on Fentanyl and Rare Earths

After President Donald Trump met with Chinese President Xi Jinping, the US agreed to ease tariffs on Chinese goods in return for Beijing’s commitments to restrict fentanyl production, purchase US soybeans, and maintain a free-flowing rare earths market.

The Details: Trump, posting on Truth Social, called the meeting in South Korea on Wednesday “truly great,” saying the two leaders “agreed on many things.” The US has agreed to lower the tariffs imposed on China by 10%, resulting in the average tariff rate falling to around 47%. In exchange, according to Trump, Xi “authorized China to begin the purchase of massive amounts of Soybeans, Sorghum, and other Farm products,” saying “Our Farmers will be very happy” and they “should immediately go out and buy more land and larger tractors.” Additionally, China paused the trade restrictions on rare earth, critical minerals, magnets, and other goods, and has pledged to “work diligently with us to stop the flow of Fentanyl into our Country.” The pause on restrictions is for one year, and could potentially return if the US and China don’t agree on a blueprint for the sales.

For Context: Trump recently announced $40 billion in aid to Argentina, drawing criticism from US soybean farmers as China turned to Argentina for purchases. Trade tensions between the US and China were intensifying before the meeting as both countries exchanged blame while imposing reciprocal fees on ships docking at one another’s ports. US military forces have also reportedly been engaging Designated Terrorist Organizations trafficking narcotics, killing 14 people in a series of strikes on four alleged drug boats.

How The Media Covered It: CNN Business (Lean Left bias) said “Trump’s big concession to Xi is loaded with red flags,” saying that “on the surface it’s a promising deal,” explaining that “it could give some relief to US consumers.”  Yet, according to CNN, the tariff reduction “is also a significant gamble,” considering “Trump has been bested by Xi in the trade war at every turn.” Breitbart (Right) described Xi as “China’s genocidal communist dictator” and framed the article around Trump’s description and statements on the meeting. The article noted that “Beijing emphasized the friendly atmosphere and longstanding relationship between Xi and Trump,” comparing this to “the hectoring and superior tone that the Chinese government attributed to Xi in meetings with former President Joe Biden.” Reuters (Center) covered the details of the meeting and reported agreements between the two nations, while also noting the “muted response from global markets,” explaining that major Asian indexes and European futures swung between gains and losses.   

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