Trump further noted that the 10 per cent tariff reduction on Chinese exports to the US was due to China agreeing to take "strong action" on the fentanyl issue
United States President Donald Trump and Chinese President Xi Jinping. Pic/AP, PTI
United States President Donald Trump said on Sunday that his meeting with Chinese President Xi Jinping was "a great one" and would bring lasting peace and success for both nations.
In a post on Truth Social, Trump said, "My G2 meeting with President Xi of China was a great one for both of our countries. This meeting will lead to everlasting peace and success. God bless both China and the USA!"
The US President met the Chinese President Jinping on the sidelines of the APEC Summit in Busan, South Korea on October 30.
After his highly anticipated meeting, Trump said that Washington has reached a landmark one-year trade pact with China, slashing US tariffs on Chinese imports from 57 per cent to 47 per cent.
Speaking to reporters aboard Air Force One, Trump stated, "We have a deal," referring to the trade pact which will be routinely extended.
"Every year we'll renegotiate the deal, but I think the deal will go on for a long time, long beyond the year. We'll negotiate at the end of the year," he added.
Trump further noted that the 10 per cent tariff reduction on Chinese exports to the US was due to China agreeing to take "strong action" on the fentanyl issue.
"It was 57, now it's 47," the US President said.
"We reduced it by the fentanyl because I believe they are really taking strong action. We've already seen the action on fentanyl, and they're taking very strong action. So reduced to 10 per cent," he added.
Later, while speaking to reporters, Trump announced that China has committed to immediately purchase "large and tremendous amounts" of soybeans and other US farm products as part of a deal between the two nations.
During a gaggle aboard Air Force One following his departure to Washington, Trump hailed the decision as a "very nice gesture" from President Xi Jinping, noting that his Chinese counterpart had authorised the purchase a day earlier.
"We're in agreement on so many elements. Large amounts, tremendous amounts of the soybeans and other farm products are going to be purchased, starting immediately. If you notice, President Xi authorised yesterday for China to start buying very large quantities of soybeans and other things, which I appreciated. That was a very nice gesture," Trump said.
According to CNN, in May, China halted its purchases of US soybeans following Trump's announcement of tariffs, leaving farmers nationwide with billions of dollars' worth of unsold crops and prompting some to question the policies of a president many had supported.
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