Trump announces cuts to tariffs on China after meeting with Xi Jinping…signal of easing trade war

U.S. President Donald Trump announced tariff reduction measures on Chinese-made products immediately after his meeting with Chinese President Xi Jinping.

According to the Kobeishi Letter on the 30th (local time), President Trump described the summit with Xi Jinping as "an amazing meeting (amaz­ing meeting)" and said "the meeting with Xi Jinping is 12 out of 10."

Measures to be implemented immediately through this summit include ▲reducing tariffs on fentanyl-related items on China to 10% ▲reducing the overall average tariff rate on Chinese products from 57% to 47% ▲China to begin discussions with Nvidia on semiconductor regulation ▲removing barriers related to rare earths exports ▲pursuing U.S.-China joint cooperation on the Ukraine issue, among others.

Markets interpret these measures as a sign of easing in the U.S.-China trade war and expect them to have a positive impact on global trade and supply chain stability. Meanwhile, Trump said he will visit China in April next year and that Xi Jinping will visit the United States afterward, revealing future plans.