Overview
- Trump said he expects to lower the 20% fentanyl-linked tariff before his Thursday meeting with Xi Jinping in South Korea, calling for Chinese cooperation with U.S. law enforcement.
- The Wall Street Journal, cited by Reuters, reported the tariff could be reduced to roughly 10% if Beijing commits to tighter controls on precursor chemicals used to make fentanyl.
- Negotiators reached a preliminary framework in Malaysia that U.S. officials say could pause escalation, with discussions including a one-year deferral of China’s new rare-earth export controls and a U.S. hold on threatened measures.
- Trump indicated the rare-earth timing is still being worked out, while broader talks reportedly span soybean purchases, reduced shipping fees, a potential TikTok U.S. transaction, and select export control pauses.
- Asked about Taiwan, Trump said it may not be discussed, and he emphasized priorities including fentanyl and farmers as the leaders seek to lock in a deal framework at the APEC gathering.