President Donald Trump said the U.S. and China “have a deal” after meeting with Chinese leader Xi Jinping, a summit he described as “a 12” on a scale of 0 to 10.
Speaking to reporters aboard Air Force One after the nearly two-hour meeting at a South Korean air base on Thursday, Trump said the two nations reached agreements on trade, fentanyl, and rare earth exports, marking a thaw in the tense relationship between Washington and Beijing.
“On the scale of 0 to 10, with 10 being the best, I would say the meeting was a 12,” Trump said.
“We have a deal. Now, every year we will renegotiate the deal. But I think the deal will go on for a long time.”
Trump said Xi agreed to suspend for one year China’s new export restrictions on rare earth and critical minerals, a move that threatened to disrupt global supplies of materials vital for high-tech manufacturing.
In return, Trump said he would withdraw his planned 100% tariff increase on Chinese imports that was set to take effect Nov. 1.
“There’s no roadblock at all on rare earth,” Trump said. “It’s a one-year deal that I think will be very routinely extended.”
The Chinese president also committed to curbing fentanyl exports, a major U.S. concern, while Trump said Washington would reduce tariffs on Chinese goods containing fentanyl from 20% to 10%.
The overall average tariff on Chinese goods will drop from 57.6% to 47.6%, Trump said.
“On fentanyl, we agreed that he was going to work very hard to stop the flow,” Trump said. “I think you’re going to see some real action taken.”
In exchange, Xi pledged to resume large-scale purchases of U.S. soybeans, a vital export for American farmers, and to begin buying U.S. energy products — including a potential “very large scale” oil and gas deal from Alaska.
“China also agreed that they will begin the process of purchasing American Energy,” Trump said later in a Truth Social post.
“In fact, a very large scale transaction may take place concerning the purchase of Oil and Gas from the Great State of Alaska.”
In his online statement, Trump hailed the talks as “historic,” writing: “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.”
The president said the agreements “will deliver prosperity and security to millions of Americans” and predicted that “our Farmers will be very happy,” urging them to “go out and buy more land and larger tractors.”
The two leaders did not discuss Taiwan, Trump said, but did speak “for a long time” about ending the war in Ukraine.
“I thought it was an amazing meeting,” Trump told reporters, adding that he plans to visit China in April and expects Xi to make a reciprocal trip to the U.S. later in the year.
“Hundreds of billions of dollars are being brought into our country because of them,” Trump wrote. “Our Nation is strong, respected, and admired again — and the best is yet to come.”
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