BUSINESS

Trump and Xi ease tariffs boost farm purchases

U.S. President Donald Trump said a 100-minute meeting with China’s Xi Jinping produced key decisions, including cutting a fentanyl-related tariff hike from 20% to 10% and extending a truce on steeper increases. China said average tariffs will drop to 47%. Trump touted planned Chinese purchases of U.S. soybeans; Treasury Secretary Scott Bessent said 12 million metric tons by January toward 25 million annually. Beijing pledged a yearlong pause on rare earths curbs, no higher port fees, and talks on TikTok and Alaskan energy, while urging steadier, cooperative ties.

Reviewed by JQJO team

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