Speaking to reporters aboard Air Force One, Trump said tariffs on Chinese imports would be cut to 47% from 57% and tariffs on fentanyl-related imports would be lowered to 10%.

In return, China will resume imports of American soybeans, maintain its rare earth supply, and strengthen crackdowns on the illegal fentanyl trade.

The US president was reported as saying it was a one-year agreement that would be extended. Trump revealed that President Xi agreed to cooperate with the US on the Ukraine issue.