Trump Cuts Fentanyl Tariffs, Secures Rare Earths Agreement with China
URGENT UPDATE: President Donald Trump has announced a significant reduction in tariffs on Chinese imports, a move that follows a pivotal meeting with Chinese President Xi Jinping. The meeting, which took place on October 29, 2023, in South Korea, lasted approximately 1 hour and 45 minutes and culminated in a commitment from Xi to curb the flow of fentanyl into the U.S.
In a statement to reporters aboard Air Force One, Trump confirmed that the 20% tariffs on fentanyl-related Chinese imports will be slashed to 10%. This adjustment reduces the overall duties on Chinese products from 57% to 47%, removing the threat of additional punitive tariffs that could have reached 100%.
This development is crucial given the ongoing opioid crisis affecting countless American families. By fostering cooperation with China on this pressing issue, the Trump administration aims to tackle the fentanyl epidemic and address public health concerns.
Additionally, Trump revealed a groundbreaking 1-year agreement with China regarding rare earth minerals, essential for the production of advanced technologies, including smartphones and AI systems. This agreement ensures that the U.S. will not face sudden restrictions on these critical materials, stabilizing supply chains vital to the tech industry and national defense.
Trump characterized his discussion with Xi as “amazing,” adding that he would rate it a 12 out of 10. The implications of this agreement could resonate globally, as it reflects a potential thaw in trade tensions between the two economic powerhouses.
This is a developing story. Please check back for updates as more information becomes available.
