Trump, Xi meeting in South Korea yields tariff cuts and new trade agre

President Donald Trump spent the week in Asia meeting with other global leaders, including Chinese President Xi Jinping, while his administration ramped up its attacks against alleged drug boats in Latin America.

Trump met with Xi Thursday in South Korea, where the two hashed out a series of agreements concerning trade. Specifically, Trump said he agreed to cut tariffs on Chinese imports by 10% — reducing the rate to from 57% to 47% — because China said it would cooperate with the U.S. on addressing the fentanyl crisis.

Additionally, Trump said that he would not move forward with imposing an additional 100% tariff on Chinese goods that were expected to kick in Saturday. Trump threatened the steep hike after China announced in October it would impose export controls on rare earth magnets, which he said China had agreed to postpone by a year.

Afterward, Trump described the meeting as a massive success, and signaled that a broader trade deal between the two countries would be signed shortly.

TRUMP, XI MEET IN EFFORT TO RESOLVE TRADE TENSIONS SPARKED BY US TARIFFS

“Zero, to 10, with 10 being the best, I’d say the meeting was a 12,” Trump told reporters after meeting with Xi. “A lot of decisions were made … and we’ve come to a conclusion on very many important points.”

From China’s point of view, Xi said afterward the two countries should work together and complete outstanding tasks from the summit for the “peace of mind” of China, the U.S., and the rest of the world.

“Both sides should take the long-term perspective into account, focusing on the benefits of cooperation rather than falling into a vicious cycle of mutual retaliation,” Xi said,…