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Trump reduces tariffs from 57% to 47% on China after meet with Xi Jinping

Trump also announced that the US would slash tariffs on fentanyl to 10 per cent.

US President Donald Trump, left, and Chinese President Xi Jinping shake hands before their meeting at Gimhae International Airport in Busan, South Korea, Oct 30. (AP Photo)

US President Donald Trump on Thursday announced that the US tariffs imposed on China will be reduced by 10 percentage points, from 57 percent to 47 percent, after his meeting with Xi Jinping in South Korea.

The reduced tariffs on China are effective immediately, Trump said after his meeting with the Chinese leader. He also said that the fentanyl tariffs on China will now be reduced to 10 percent from 20 percent.

Xi will work “very hard to stop the flow” of fentanyl, Trump said, and the tariff was reduced “because I believe they are really taking strong action.”

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The meeting lasted a little over 100 minutes, with the two leaders shaking hands and Trump appearing to say something into Xi’s ear, just before the Chinese leader entered his own limousine. Trump was shortly back aboard Air Force One to return to Washington.

Ahead of the meeting, Trump threatened a huge hike that would have boosted tariffs by 100 per cent, but he told reporters he didn’t need to go through with that plan, reported AP.

Before the meeting, Trump was optimistic. “We’re going to have a very successful meeting, I have no doubt,” Trump said, adding that Xi is a “very tough negotiator.” Trump said they “could” possibly sign a deal coming out of the meeting and that they have a “great understanding” of each other.

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