President Donald Trump said he has decided to lower his combined tariff rates on imports of Chinese goods to 47% after talks with Chinese leader Xi Jinping on curbing fentanyl trafficking. Trump’s aggressive use of tariffs since returning to the White House for a second term combined with China’s retaliatory limits on exports of rare earth elements gave the meeting newfound urgency. There is a mutual recognition that neither side wants to risk blowing up the world economy in ways that could jeopardize their own country’s fortunes. Trump told reporters he decided to reduce the current rate from 57% after the talks. China did not provide immediate comment on the meeting or any outcomes.
