President Donald Trump said he is reducing some tariffs on Chinese imports following a meeting with Chinese President Xi Jinping after securing a commitment from the Chinese leader to take steps to stop the flow of fentanyl.
Speaking to reporters aboard Air Force One following the meeting with Xi, which lasted about 1 hour and 45 minutes, Trump said the 20% tariffs on China related to fentanyl were being reduced to 10% bringing the total amount of duties imposed on Chinese imports from 57% to 47%.
Trump also said the U.S. had reached a 1-year agreement with China that it would not impose dramatic restrictions on rare earth minerals -- materials key for producing computer chips that are needed for everything including smartphones, AI systems and defense technology.
That takes the threat of and additional 100% tariffs on China off the table.
Overall, Trump said the meeting with Xi in South Korea was "amazing," and on a scale of 1 to 10 gave it a 12.
This is a developing story. Please check back for updates.