U.S. President Donald Trump said he has reached a 1-year agreement with China on rare earths and critical minerals, and cut fentanyl tariffs on Beijing by half, as his meeting with Chinese President Xi Jinping concluded in South Korea on Thursday.

Trump told reporters aboard Air Force One as he left South Korea that the meeting with Xi was "amazing" and that "a lot of decisions were made."

"Rare earth issue has been settled," Trump said, adding that it was a 1-year agreement that will be negotiated every year. The fentanyl-linked tariffs will be lowered to 10% from 20%, effective immediately, Trump said, bringing down the levy on Chinese exports to 47% from 57%.

In return, Beijing will "work very hard to stop fentanyl" and resume purchases of American soybeans and other agricultural pro

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