President Donald Trump said he’s made deals with China after meeting Chinese leader Xi Jinping on Thursday, the final day of a trip to Asia that was an opportunity for the leaders of the world’s two largest economies to stabilize relations after months of turmoil over trade issues.
The president told reporters aboard Air Force One that the U.S. would lower tariffs implemented earlier this year as punishment on China for its selling of chemicals used to make fentanyl from 20% to 10%. That brings the total combined tariff rate on China down from 57% to 47%.
Trump’s aggressive use of tariffs since returning to the White House for a second term combined with China’s retaliatory limits on exports of rare earth elements had given the meeting newfound urgency.
Here’s the latest:
Xi agreed to buy 25 million metric tons of soybeans annually for next 3 years, Bessent says
Treasury Secretary Scott Bessent added that as part of the deal President Trump struck with Xi, China will start by purchasing 12 million metric tons of soybeans from the U.S. between now and January.
“So you know, our great soybean farmers, who the Chinese used as political pawns, that’s off the table, and they should prosper in the years to come,” Bessent said in an interview on Fox Business Network’s “Mornings with Maria.”
New Trump administration rule bars student loan relief for public workers tied to ‘illegal’ activity
The Trump administration is forging ahead with plans to eject some nonprofits from a popular student loan forgiveness program if their work is deemed to have a “substantial illegal purpose” — a move that could cut off some teachers, doctors and other public workers from federal loan cancellation.
New rules finalized Thursday give the Education Department expanded power to ban organizations from the Public Service Loan Forgiveness program. The Trump administration calls it necessary to block taxpayer money from lawbreakers. Critics say it turns the program into a tool of political retribution.
Read more about the Trump administration and student loans
Surgeon general nominee goes into labor, delaying confirmation hearing
A Senate hearing for Trump’s surgeon general pick, Casey Means, has been postponed because she went into labor.
The news from a spokesperson for the Senate health committee comes just hours before Means was scheduled to appear virtually before the committee for her confirmation hearing. It wasn’t immediately clear when the hearing would be rescheduled.
Means, a Stanford-educated physician-turned-wellness influencer, has been expecting her first child.
Trade takeaways from Trump’s meeting with Chinese leader Xi Jinping
1. Rolling back tariffs: Trump told reporters while heading home on Air Force One that he had agreed to cut his 20% tariff increase, imposed over China’s role in producing fentanyl and chemicals used to make it, to 10%. China confirmed that it will take average tariffs on Chinese goods to 47%, down from 57%. The two sides agreed to continue to work on cracking down on illicit flows of the drug into the U.S.
2. Sales of computer chips to China: Trump said he discussed U.S. sales of computer chips to China. Trump and former President Joe Biden had imposed restrictions on access to the most advanced chips such as those used for artificial intelligence. China will speak with Silicon Valley chipmaker Nvidia about purchasing its computer chips, he said. That won’t include its next-generation Blackwell AI chip, he said, “but a lot of the chips.”
3. U.S. soybeans and other farm exports: Trump said the Chinese side has committed to buying “a tremendous amount” of American soybeans, sorghum and other farm products. The Chinese side did not provide any details.
4. No TikTok deal yet: Beijing said it will work with the Trump administration to resolve issues related to TikTok’s ownership.
China and the U.S. to pause tit-for-tat port fee measures for a year
China’s Commerce Ministry said on Thursday that the U.S. will pause its measures under its Section 301 investigation against China’s shipbuilding and maritime industries for one year.
It said China will pause its relevant countermeasures against the U.S. for a year in response after the U.S. suspensions take effect.
The U.S. imposed new port fees on Chinese-owned or -operated ships calling at American ports from Oct. 14 resulting from its Section 301 investigation, which it said found China’s practices in maritime and shipbuilding were “unreasonable” and a burden to American commerce.
Beijing, in response, slapped retaliatory port fees largely mirroring the U.S. fees on American vessels calling at Chinese ports that came into effect the same day.
Separately, China’s Commerce Ministry also said it will “properly” resolve TikTok related issues with the U.S.
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