"Gyeongju, South Korea United States President Donald Trump and Chinese President Xi Jinping have agreed to call off a mutual escalation in their countries' trade war, lowering the temperature in a heated confrontation that has threatened to upend the global economy. Trump and Xi sealed a one-year trade truce on Thursday on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit in South Korea, where the two leaders met face-to-face for the first time since 2019."
"Under the deal, China agreed to defer its planned export controls on rare earths, while the US will drop a threatened 100 percent tariff on Chinese goods. Trump said he would also lower a 20 percent fentanyl-related tariff to 10 percent after Xi agreed to work very hard to stem flows of the synthetic opiate. I believe he is going to work very hard to stop the death that is coming in, Trump said on Air Force One after departing South Korea."
United States President Donald Trump and Chinese President Xi Jinping met at the APEC summit in South Korea and agreed to a one-year trade truce. China deferred planned export controls on rare earths while the United States dropped a threatened 100 percent tariff on Chinese goods. The United States also cut a 20 percent fentanyl-related tariff to 10 percent after China agreed to intensify efforts to curb flows of the synthetic opiate. The agreement pauses escalation but leaves existing trade barriers largely intact and many points of contention unresolved. The deal will be renegotiated annually.
Read at www.aljazeera.com
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