Trump says China to buy US farm products, export rare earth minerals in exchange for tariff cuts

President Trump said Thursday following his meeting with Chinese President Xi Jinping that China in exchange for him lowering tariffs will purchase American farm products, continue to freely export rare earth minerals and stop fentanyl from entering the U.S.

Trump met with Xi in South Korea for trade talks amid the president's Asia trip.

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

“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 also said he plans to go to China in April and Xi would come to the U.S. “some time after that.”

"I had a truly great meeting with President Xi of China," Trump posted on Truth Social. "There is enormous respect between our two Countries, and that will only be enhanced with what just took place. We agreed on many things, with others, even of high importance, being very close to resolved.

"I was extremely honored by the fact that President Xi authorized China to begin the purchase of massive amounts of Soybeans, Sorghum, and other Farm products. Our Farmers will be very happy! In fact, as I said once before during my first Administration, Farmers should immediately go out and buy more land and larger tractors. I would like to thank President Xi for this!" Trump continued.

"Additionally, China has agreed to continue the flow of Rare Earth, Critical Minerals, Magnets, etc., openly and freely. Very significantly, China has strongly stated that they will work diligently with us to stop the flow of Fentanyl into our Country. They will help us end the Fentanyl Crisis," he said.

"China also agreed that they will begin the process of purchasing American Energy. In fact, a very large scale transaction may take place concerning the purchase of Oil and Gas from the Great State of Alaska. Chris Wright, Doug Burgum, and our respective Energy teams will be meeting to see if such an Energy Deal can be worked out. The agreements reached today will deliver Prosperity and Security to millions of Americans," Trump added.

"After this Historic trip to Asia, I am now heading back to Washington, D.C. I want to thank the Great Countries of Malaysia, Japan, and South Korea for being so generous, gracious, and hospitable — Also, Australia, Canada, New Zealand, Singapore, Thailand, and Vietnam, who were at the Dinner last night hosted by His Excellency Lee Jae Myung. Hundreds of Billions of Dollars are being brought into our Country because of them. Our Nation is Strong, Respected, and Admired Again and, THE BEST IS YET TO COME!"