Economic Buzz: US set to cut tariff on China from 57% to 47%

US President Donald Trump called a highly anticipated meeting with his Chinese counterpart Xi Jinping a great success on Thursday, saying the two leaders agreed to a deal which would see the US reducing tariffs on China from 57% to 47%. China will keep China's rare earth exports flowing and buy US soybean in large quantities. This marked the first in-person meeting between Xi and Trump since 2019. The Chinese leader said both sides had reached a consensus to resolve major trade issues and Chinese and US teams will be working on delivering outcomes for both countries' economies.

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