China signals tariff cuts to 47%, expands farm access after Trump-Xi summit

China signaled tariff cuts after the Trump–Xi summit in Busan. Trump said US tariffs on Chinese imports would fall from 57% to 47%. In exchange, Xi agreed to resume immediate US soybean purchases and expand imports of other agricultural products, a key “farm market access” win. The talks are described as a managed-trade framework. The parties target tariff reductions on $30B–$50B of non-sensitive goods, mainly agriculture and energy. The structure emphasizes numerical purchase targets rather than broader economic reforms Washington has historically demanded. The reported deal also includes commitments by Beijing to curb exports of fentanyl precursors to the US. That gives political cover to reduce fentanyl-linked duties, with such tariffs expected to be cut roughly in half as part of the wider arrangement. Trump indicated he may sign a broader trade agreement soon, but left room for renegotiation. For crypto and risk assets, the tariff cuts to 47% suggest a directional improvement in trade sentiment, supporting macro risk appetite. However, the article notes harder issues remain unresolved, including technology restrictions, semiconductor export controls, and Taiwan-related security concerns. Overall, the headline is constructive but partial—likely to influence near-term trading around risk sentiment more than long-term fundamental drivers.