Donald Trump has struck a deal to reduce tariffs on China following face-to-face talks trump with his counterpart Xi Jinping, just hours after Australia’s Prime Minister refused to back the US President’s recent trade comments.

Speaking after a nearly two-hour meeting with Xi in South Korea which he described as “amazing”, President Trump said the two leaders had “agreed to almost everything”.

President Trump said the US will ease tariffs on Chinese goods from 57 to 47 percent in exchange for Beijing doing more to curb the flow of fentanyl ingredients, resuming purchases of US soya beans and keeping rare earth exports flowing.

Chinese stocks climbed to a decade high and the yuan currency to a near one-year peak against the dollar as investors hoped for an easing of trade tensions that h

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