Trump announced a cut on Chinese imports after meeting with Xi in South Korea, citing new understandings on fentanyl enforcement, farm trade and rare-earth exports.

President Donald Trump said his face-to-face meeting with Chinese counterpart Xi Jinping was “amazing” and both countries had agreed to certain concessions to ease trade tensions, including a reduction of the fentanyl-related tariffs on China and a pause on Beijing export controls on critical rare earth minerals.

U.S. and China reach historic trade agreement addressing fentanyl trafficking, rare earth exports and agricultural trade between the world's largest economies.

U.S. tariffs on imports from China remain relatively high even after a new trade truce between President Donald Trump and Chinese President Xi Jinping.