Everything you need to know about Trump and Xi’s meeting in one post – from tariffs to TikTok
Donald Trump has been hailing an “amazing” meeting with Xi Jinping in South Korea, with the pair discussing tariffs, rare earths, electronic chips and fentanyl.
“On a scale of 1 to 10, the meeting with Xi was 12,” Trump told reporters on Air Force One as he travelled back to Washington DC from his meeting with the Chinese president.
But talks finished after an hour and 40 minutes – lasting considerably shorter than the “three or four hours” the US president had expected.
In a warm exchange while the cameras were still in the room, Trump called Xi a “tough negotiator” (watch that moment below) as the Chinese leader praised Trump for caring “a lot about world peace”.
Here’s a summary of what was discussed behind closed doors:
- Trump said he agreed to lower tariffs on Chinese goods exported to the US by 10%, meaning the total US levy on its goods would be 47%;
- The US president also said fentanyl tariffs would be cut to 10% from 20% after Beijing agreed to work “hard” to stop the drug from flowing into the US;
- Semiconductor chips were also on the agenda, but Trump said the White House is merely a “referee” between China and big tech firms like Nvidia;
- Beijing is expected to roll back some of the export restrictions on so-called “rare earths” that led to tensions. China had been restricting materials required for modern manufacturing for Europe and other countries, as well as the US;
- There was also progress on soybeans, with China placing an initial order after months of refusing to buy from US farmers (many of whom hail from Trump-supporting states).
Trump: China close to buying US oil and gas
In a lengthy post on Truth Social as he flew back to the US after the talks, Trump said he was “extremely honoured” by the fact Xi authorised China to begin the purchase of “massive amounts” of Soybeans, Sorghum and other farm products.
He claimed China would start buying American energy, and that “a very large scale transaction may take place concerning the purchase of Oil and Gas from the Great State of Alaska”.
Here’s what else he said:
- Trump told farmers to “immediately go out and buy more land and larger tractors” because of the China talks;
- The US president added China agreed to continue the flow of rare earth, critical minerals and magnets “open and freely”;
- He added China will “help us end the fentanyl crisis”.
See Trump’s full post from Air Force One below.
Xi urges sides to avoid ‘vicious cycle of retaliation’ after talks
For his part, China’s president said his country and the US should not fall into a “vicious cycle of retaliation” against each other, according to Chinese news agency Xinhua.
Xi said relations between the two sides had maintained overall stability, and trade ties should be their “ballast stone”.
What about TikTok?
It’s not clear whether Trump and Xi reached a deal over TikTok during their talks, despite the prospect of an agreement on the sale of the Chinese-owned app’s US operations being one of the key talking points going into the meeting.
While Trump didn’t mention the topic during his press gaggle on Air Force One, China’s commerce ministry confirmed talks have taken place.
“The US side made positive commitments in areas such as investment, and the Chinese side will properly address issues related to TikTok,” it said in a statement.
Watch: Our Asia correspondent Helen-Ann Smith looks at what we learned from the meeting.