Beijing: In a major development during the Asia-Pacific Economic Cooperation (APEC) Summit in Busan, South Korea, US President Donald Trump on Wednesday said his meeting with Chinese President Xi Jinping resulted in “a great success.” Following the meeting, Trump slashed tariffs on Chinese imports in a major breakthrough in the trade ties between the world’s two biggest economies.

Both the countries reached a breakthrough on rare earth deal. This deal was a major point of contention between them. Trump said they reached a one-year extendable agreement on China’s supply of crucial rare earths. ADVERTISEMENT

Trump, speaking after the hour-and-forty-minute meeting, announced that the US will reduce tariffs on Chinese imports from 57 per cent to 47 per cent. He also revealed a separate cut

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