President Donald Trump and Chinese President Xi Jinping just negotiated a trade deal in their first face-to-face meeting in six years, following reports of China’s first purchase of U.S. soybeans in months.
The leaders met on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit in Busan, South Korea. During the talks on Thursday, both leaders agreed to de-escalate trade tensions, Trump told reporters, announcing the U.S. will reduce tariffs by 10% on Chinese goods from 57% to 47%. In exchange, China pledged to bolster efforts to crack down on chemicals used to produce fentanyl, meeting a key demand from Trump.
