"Speaking to reporters on Air Force One, Trump said the US would reduce tariffs on Chinese imports by 10 percentage points to a total of about 47 percent. The cut, Trump explained, comes from the US halving its tariff on China over claims the country has been exporting fentanyl to the US, which Xi apparently promised to Trump he would work to stop. Trump previously threatened tariffs on China as high as 145 percent, but has been anything but consistent on the matter."
"China also promised to pause its most recent round of restrictions on the use of its rare earth resources issued earlier this month. Those rules were twofold, with one requiring foreign companies that use Chinese-origin rare earths to obtain licenses to export items containing them, and a second placing stricter controls on the export of technology related to rare-earth mining and processing."
U.S. and Chinese leaders agreed to reduce U.S. tariffs on Chinese imports by 10 percentage points to about 47 percent after a pledge by Xi to work to stop fentanyl exports. China agreed to pause its recent rare-earth restrictions for one year to study and refine specific plans. The rare-earth measures had required foreign companies using Chinese-origin rare earths to obtain export licenses and imposed stricter controls on technology tied to mining and processing. The Chinese Ministry of Commerce confirmed the pause. Discussions included chips and Nvidia, but no specific decision on Nvidia Blackwell GPU exports was made.
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