NEW DELHI: US President Donald Trump said he had agreed to reduce tariffs on Chinese goods to 47% in exchange for Beijing resuming purchases of US soybeans, maintaining exports of rare earth minerals and cracking down on illicit fentanyl shipments.

The announcement followed Trump’s face-to-face talks with Chinese President Xi Jinping in Busan, South Korea — their first meeting since 2019 — concluding the US leader’s whirlwind Asia tour that also featured trade discussions with South Korea, Japan, and Southeast Asian nations.

“I thought it was an amazing meeting,” Trump told reporters aboard Air Force One after departing Busan, confirming that tariffs on Chinese imports would be lowered from 57% to 47%.

The nearly two-hour meeting took place on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit. Afterward, Trump escorted Xi to his car before receiving a red-carpet send-off at the airport.

US negotiators earlier in the week said they had reached a framework deal with China that would avert 100% tariffs on Chinese goods and pause Beijing’s planned export restrictions on rare earths, a market it largely controls.

Still, with both sides wary and competition intensifying across economic and geopolitical fronts, analysts cautioned that any easing of trade tensions could prove short-lived.