After talks with Xi Jinping, Donald Trump said that he had agreed to cut fentanyl-related tariffs on China to 10% from 20%. He announced that the dispute between China and the United States had been "settled."
The US president also said that his meeting with Chinese leader Xi Jinping resulted in a one-year deal to supply crucial rare earths.
"All the rare earths has been settled, and that's for the world," Trump told reporters aboard Air Force One, adding that the deal would be re-negotiated annually.
The two leaders talked for about an hour and 40 minutes.
Xi: US and China have a basic consensus on a deal
In his preliminary statement, Xi Jinping also told Donald Trump that trade negotiators from both countries had reached a basic consensus on a trade deal.
Officials from both countries met last week in Malaysia to lay the groundwork for their leaders.
Afterward, China's top trade negotiator Li Chenggang said they had reached a "preliminary consensus."
That statement was affirmed by US Treasury Secretary Scott Bessent, who on Sunday told broadcaster NBC that he believed "we have the framework for the two leaders to have a very productive meeting for both sides."
Xi: US and China should be 'partners' despite 'frictions'
At the start of the meeting with Donald Trump, Chinese President Xi Jinping said the US and China should be "partners and friends" despite "frictions."
"Given our different national conditions, we do not always see eye to eye with each other," he said through a translator. "It is normal for the two leading economies of the world to have frictions now and then."
But, Xi added, the two countries should strive to be "partners and friends."
"China and the US can jointly shoulder our responsibility as major countries and work together to accomplish more great and concrete things for the good of our two countries and the whole world," Xi said.
