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Investing.com-- U.S. President Donald Trump said on Thursday that a trade deal with China could be signed “pretty soon” after what he called an “amazing” meeting with Chinese President Xi Jinping, signaling a thaw in the two countries’ strained economic relationship.
Speaking to reporters aboard Air Force One after the talks, Trump said the two sides had reached broad agreements on most major issues and would finalize the details shortly.
He said tariffs on Chinese goods would be reduced to about 47% from 57%, citing China’s commitment to clamp down on fentanyl exports to the U.S.
He added that “all the rare earth issues have been settled,” with Beijing agreeing to keep exports flowing under a one-year deal that is expected to be routinely extended.
Trump said semiconductors were also discussed and that Chinese officials will speak with Nvidia (NASDAQ:NVDA) and other chipmakers about “taking chips,” though he clarified that the latest Blackwell AI chips were not part of the talks.
He said China will immediately resume purchases of U.S. soybeans and other farm goods, while both sides agreed to cooperate on efforts to end the war in Ukraine.
Trump added that he rated the meeting “a twelve on a scale of ten.” However, he did not provide clear details on the rare earths and soy purchase agreements.
Trump said he plans to visit China in April, with Xi expected to make a return trip to the United States later next year.
U.S. stock index futures were volatile during talks but steadied as the meeting concluded.