President Donald Trump capped a whirlwind trip to Asia with a highly-anticipated meeting with Chinese President Xi Jinping. Trump left the negotiating table on Thursday with key assurances — but no trade deal has been signed between the two countries yet.
“I had a truly great meeting with President Xi of China,” Trump wrote on Truth Social on Thursday. “There is enormous respect between our two Countries, and that will only be enhanced with what just took place. We agreed on many things, with others, even of high importance, being very close to resolved.”
China agreed to delay placing export controls on rare earth minerals by a year. U.S. officials have previously said that implementation of the export controls, which China threatened the U.S. with earlier this month, would amount to China having control over “basically the entire global economy.”
China also agreed to purchase soybeans from the United States at normal levels. China stopped buying U.S. soybeans earlier this year due to the trade war, which has hurt U.S. farmers. In return, the U.S. has agreed to lower fentanyl related tariffs on China from 20% to 10%. After the meeting, overall tariffs on China went from 57% to 47%.
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On Fox Business Thursday, Treasury Secretary Scott Bessent said that the U.S. had received Chinese approval for a TikTok deal that would allow the app to continue to operate in the U.S.
Altogether, Trump’s Indo-Pacific trip has been a whirlwind of activity, with the White House announcing deal after deal.
“On this trip alone, I’ve signed groundbreaking agreements with Malaysia, Cambodia, Japan, our deal with the Republic of Korea,” Trump said Wednesday at the Asia-Pacific Economic Cooperation summit in South Korea. “Around the world, we’re signing one trade deal after another, to balance our relationships on the basis of reciprocity.”
On Wednesday, Trump announced deals with Korea ranging from natural gas to tech investment, but a trade agreement that would finalize the details of some $350 billion that would be invested into the U.S. economy remained elusive.
“We reached a deal. We did a lot of different things. Great session,” Trump said per a pool report after an hour and a half of talks on Wednesday.
On Tuesday, Trump met with Japanese Prime Minister Sanae Takaichi to sign on to a framework the countries had outlined in July, including hundreds of billions of dollars in energy investments as well as critical minerals investments and improved port infrastructure. Under the agreement, Japan would pay a base 15% tariff rate.
In Malaysia, opening the trip, Trump was hosted by the prime ministers of Cambodia and Thailand for the signing of peace accords meant to settle tensions between the countries’ borders.
On Sunday, the White House announced reciprocal trade agreements with Malaysia and Cambodia, with both countries agreeing to eliminate nearly all tariffs on American exports. The U.S. agreed to drop its arms embargo with Cambodia, and Malaysia is set to purchase billions of dollars’ worth of semiconductors and other equipment while expanding its critical minerals trade.
The United States also agreed to trade frameworks with Thailand and Vietnam meant to eliminate trade barriers, with the former agreement eliminating tariffs on “approximately 99% of goods,” according to a U.S. press release.
Trump reached a framework for a trade agreement with Vietnam that leaves in place 20% tariffs on most goods out of the country, but will identify areas where the tariff rate can be dropped to zero.
“Bringing back Trillions of Dollars to USA!” Trump wrote on Truth Social on Thursday. “Dealing with very smart, talented, and wonderful Leaders.”
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