US President Donald Trump called his meeting with his Chinese counterpart Xi Jinping a "great success" on Thursday, saying the two leaders agreed to a deal which would see the US reducing tariffs on China from 57% to 47%.
In return, Beijing would keep China's rare earth exports flowing. Trump added that China would also buy "tremendous amounts" US soybean and crack down on fentanyl trafficking. The agreement is to stay in force for at least one year.
The two-hour meeting on the sidelines of the APEC summit in Busan, South Korea marked the first in-person meeting between Xi and Trump since 2019.
Trump called Xi a "tremendous leader of a very powerful country" and said several issues were "brought to finalization" at the meeting.
The US president also added that the two leaders would be visiting each other's countries.
"I'll be going to China in April, and he'll be coming here sometime after that, whether it's in Florida, Palm Beach or Washington, DC," Trump told reporters on Air Force One.
Chinese markets surged on hopes of easing trade tensions.
Trump says he cut fentanyl tariffs on China to 10%
After talks with Xi Jinping, Donald Trump said that he had agreed to cut fentanyl-related tariffs on China to 10% from 20%. He announced that the dispute between China and the United States had been "settled."
The US president also said his meeting with Chinese leader Xi Jinping resulted in a one-year deal to supply crucial rare earths.
"All the rare earths has been settled, and that's for the world," Trump told reporters aboard Air Force One, adding that the deal would be renegotiated annually.
