BREAKING: Trump and Xi hold high-stakes meeting, reach agreement

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BREAKING NEWS: From the Associated Press: Aboard AIR FORCE ONE (AP) — President Donald Trump described his face-to-face with Chinese leader Xi Jinping on Thursday as a roaring success, saying he would cut tariffs on China, while Beijing had agreed to allow the export of rare earth elements and start buying American soybeans.

The president told reporters aboard Air Force One that the U.S. would lower tariffs implemented earlier this year as punishment on China for its selling of chemicals used to make fentanyl from 20% to 10%. That brings the total combined tariff rate on China down from 57% to 47%

“I guess on the scale from 0 to 10, with ten being the best, I would say the meeting was a 12,” Trump said. “I think it was a 12.”

Trump said that he would go to China in April and Xi would come to the U.S. “some time after that.” The president said they also discussed the export of more advanced computer chips to China, saying that Nvidia would be in talks with Chinese officials.

EARLIER REPORT BELOW:

From CBS News: President Trump and Chinese President Xi Jinping met for more than 90 minutes in Busan, South Korea, as the two leaders look to reach a trade deal they can both claim as a victory.

The face-to-face meeting began shortly after 11 a.m. local time on Thursday, or 10 p.m. ET Wednesday, on a South Korean military base. The leaders of the world’s two largest economies — which have been embroiled in a months-long trade war — shook hands and delivered brief remarks to the press before meeting behind closed doors.

The report also explained: China is the U.S.’s third-largest trading partner, behind only Mexico and Canada, with the U.S. buying $438.9 billion in Chinese goods last year, while China bought $143.5 billion in goods from the U.S.

White House assistant Margo Martin posted a video of Trump and Xi shaking hands ahead of their meeting.

Joining President Trump for the high-stakes meeting with President Xi and his team were trade representative Jamieson Greer, Commerce Secretary Howard Lutnick, Secretary of State Marco Rubio, Treasury Secretary Scott Bessent, White House chief of staff Susie Wiles and David Perdue, the U.S. ambassador to China.

Ahead of their meeting behind closed doors, both Trump and Xi delivered opening remarks before the media, before reporters all left the room.

“It’s an honor to be with a friend of mine,” Trump said, adding, “It’s a great honor… I think we’re going to have a fantastic relationship for a long period of time — and it’s an honor to have you with us.”

A translator spoke for Xi, saying to Trump, “It feels very warm seeing you again because it’s been many years. Since your re-election, we have spoken on the phone 3 times, exchanged several letters and stayed in close contact…  Given our different national conditions, we do not always see eye to eye with each other, and it is normal for the two leading economies of the world to have frictions now and then.”

“In the face of winds, waves and challenges, you and I, at the helm of China-US relations, should stay the right course and ensure the steady sailing forward of China-US relations,” Xi added.

Watch below:

After the one hour and 40 minute meeting, the two still appeared friendly, but did not speak to the press.

Xi and Mr. Trump emerged from the building together, exchanged another handshake and then each went to their separate motorcades.

President Trump then boarded Air Force One for the flight back to Washington, D.C.

He is scheduled to arrived back in D.C. Thursday afternoon, and is expected to join First Lady Melania Trump for a White House Halloween celebration Thursday from 4:00 p.m. to 8:30 p.m., greeting trick-or-treaters.

READ MORE from CBS News.

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