Chinese President Xi Jinping announced yesterday that his country has reached an 'understanding' with the United States on economic and trade issues, according to China's Xinhua news agency following his meeting with US President Donald Trump. Xi stated: 'The commercial and economic teams of both countries have in-depth discussions on important economic and trade issues and have reached an understanding on their resolution.' He added: 'The two teams must improve and complete follow-up work as soon as possible, maintain and implement the understanding, and deliver tangible results to reassure markets regarding the economies of China, the United States, and the world.' In turn, US President Donald Trump announced yesterday his agreement to reduce tariffs imposed on China over its handling of the 'fentanyl' crisis to 10%, following his talks with his Chinese counterpart in South Korea, confirming that the dispute between China and the United States has been 'settled.' Trump also announced that China will immediately purchase 'massive quantities' of soybeans and other agricultural products from the US. Trump confirmed to reporters on board the presidential plane that 'an agreement has been reached on all rare earth elements,' noting that the agreement is valid for one year and will be renegotiated annually. Regarding the war in Ukraine, Trump reported that he agreed with the Chinese president to 'work together'.
