Osmond Chia
Business reporter

We've compiled a timeline showing how US tariffs on Chinese goods have changed during President Trump's second term so far.

February: Trump imposes a 10% tariff on Chinese goods due to what he said was the flow of the drug fentanyl to the US.

March: The president adds another 10% tariff on goods from China, accusing it of not doing enough to address the fentanyl flow.

April: Trump adds a 34% levy on all Chinese imports as part of his sweeping "Liberation Day" tariffs. This brings the total to 54% on Chinese goods.

May: The US and China reach an agreement to cool trade tensions after weeks of escalating tit-for-tat measures.

The two sides agreed to scrap the triple-digit tariffs that went up to 145% for Chinese goods and 125% on American goods at one point.

Both countries would maintain the tariffs at 10%. The US continued to impose an extra 20% levy over fentanyl.

30 October: Following talks with Xi in South Korea, Trump tells reporters he has agreed to lower the fentanyl tariff to 10% from 20%.

This would bring the overall tariff rate on Chinese goods to "47%" according to Trump.

It is not clear which tariffs Trump is referring to and we will have to wait for more clarity from the White House.

Trump's tariffs on specific sectors, like steel, timber and other commodities also still remain.

Trump has described his talks with Xi, which spanned more than 1.5 hours, as a "great success". Here are the key snippets from that meeting:

Image source, AFP via Getty Images

Today marked the first face-to-face meeting between Donald Trump and Xi Jinping since Trump returned to the White House in January. Here is a rundown of their previous meetings:

• April 2017: Trump and Xi met for the first time at Trump’s Florida estate Mar-a-Lago
• July 2017: The two leaders met again in Hamburg during the G20 Summit
• December 2018: Xi and Trump met in Buenos Aires during the G20 Summit
• June 2019: The leaders last met in Osaka during the G20 Summit

Laura Bicker
China correspondent, reporting from Busan

Donald Trump seems to think the meeting was amazing. But what did President Xi get out of it?

Mr Trump said tariffs on Chinese goods would be reduced, so that’s a win for China.

The rest of the details are still to be announced, but it does seem that Beijing will be allowed to buy advanced computer chips from the US - which was a key demand.

President Xi is trying to develop his country’s high tech economy and China is already building more robots than any other country. To continue that development, Chinese companies need access to advanced computer chips made by Nvidia - but the sale of those have been restricted by Washington.

Trump said that Beijing would be speaking to Nvidia’s CEO and that US authorities would serve as a “sort of referee”, although the US president claimed those discussions will not include the Blackwell chip which is said to be Nvidia’s best for AI,

What I will be looking out for is what China has given up. Beijing has used its chokehold over rare earths as key economic leverage. Mr Trump said that there would be “no roadblock” and the trade of rare earth metals had been settled, but there has been no such announcement from the Chinese.

The key will be hearing China’s side of the discussions and comparing the read outs from both sides. Only when the full details will are known will we get a better idea of the give and take between the two superpowers.

Image source, Getty Images

The trade war between China and US has put spotlight on rare earths, the minerals that are used in the making of electric cars, electronics and military weapons.

China had tightened its grip over rare earth exports in recent months - a move that dealt a major blow to the US, whose industries are heavily dependent on imports of the precious metal. Analysts had said China was using its dominance in the industry as a key bargaining chip in trade talks.

Trump has now said the issue over the trade of rare earths is "settled" - but what exactly are rare earths and why are they so important?

Read more in our article here.

Yvette Tan
Live editor

Trump had spoken fairly extensively on his meeting with Xi - taking questions for some 15 minutes - but gave scant details on the issues that Washington and Beijing supposedly agreed on.

Here's a quick look at what he spoke about:

• The issue over the trade of rare earths is "settled", Trump said, adding "there's no roadblock from China anymore" - though he gave no specific details. Beijing holds a monopoly over the processing of critical minerals, and has tightened its grip over rare earth exports in recent weeks
• Washington will reduce tariffs on all Chinese goods enacted earlier in response to the flow of chemical ingredients for fentanyl into the US, effective immediately
• Beijing will be speaking to Nvidia's CEO Jensen Huang, noting that US authorities serve as "sort of a referee" in these discussions
• US and China will "work together" on the war in Ukraine, but Taiwan never came up in the two leaders' discussions, Trump said
• He also described the talks as a "great success" and an "amazing meeting", adding that he would visit China in April next year and that Xi would visit the US "sometime after that".

Stay with us as we continue to bring you the latest.

Image source, EPA

Trump's Asia trip began on Sunday in Kuala Lumpur, where he was joined by leaders to sign a “peace deal” between Thailand and Cambodia.

He then flew to Japan, met with Emperor Naruhito, and sat down with the country’s new prime minister, Sanae Takaichi.

Trump and Takaichi heaped praises on each other and signed two deals - one on deepening rare earths cooperation, and another promoting a "new golden age" of US-Japan relations, before travelling to a naval base where Trump addressed American troops.

Trump arrived in South Korea on Wednesday where he was showered with gifts and flattery. There, he reached a deal with President Lee Jae Myung to reduce reciprocal tariffs from 25% to 15%, in exchange for $350b of investments in the US.

Washington will also share tech with Seoul to build a nuclear-powered submarine, Trump said.

And today - on the last leg of his trip - he travelled to Busan, where he met with China's President Xi.

In his closing remarks, Trump says the meeting with President Xi was "a great success" and "a great honour", praising his leadership.

When asked about Canada on Air Force One, Trump said he "had a very nice conversation" last night with Canadian Prime Minister Mark Carney.

The two leaders were seated across each other during a dinner - the first time they have met since Trump cancelled trade talks last week over an anti-tariff TV ad that aired in Canada.

Trump also said he was "too busy" to meet with North Korean leader Kim Jong Un during this trip, but that he could "come back".

"I had a great relationship with Kim Jong Un. I think if I didn't get elected... He doesn't like too many people other than me, I think you'd have had a war," he told reporters on Air Force One.

North Korea fired surface-to-air cruise missiles just hours before Trump landed in South Korea yesterday.

When asked how he would rate the meeting from 1-10, Trump said he rated the meeting, calling it a "great success".

"They congratulated me on the tremendous success we've had," he said.

Trump also says he will visit China in April, and says Xi will be coming to the US "sometime after that", possibly to Washington DC or Palm Beach in Florida.

Trump lightens the mood in his gaggle with reporters, remarking how bumpy the flight has been.

"This is a rough flight... the interviews are tough enough without your life being threatened," he jokes as he is asked about tariff rates on China.

Taiwan never came up in the discussions, Trump says.

There were concerns ahead of today's talks that the self-governed island would become a pawn in the highly-anticipated meeting between the two superpowers.

Trump says he has agreed to "work together" with Xi on Ukraine.

"Ukraine - we're both going to work together - we agree that the sides are locked in fighting and sometimes you gotta let them fight I guess. But we're going to work together on Ukraine," he says.

Trump said that now is the "appropriate" time for the US to resume nuclear testing given that other major countries had started to do so.

"It had to do with others," he says, highlighting that the US had the largest nuclear stockpile.

Trump said Beijing will be speaking to Nvidia's CEO Jensen Huang, noting that US authorities serve as "sort of a referee" in their discussions.

Trump also said these discussions will not involve the Blackwell chip - considered Nvidia's best chip for AI - in response to a reporter's question, but did not give further details on this aspect of the talks.

"But it's a lot of chips, and that's good for us," he said.

Trump says the issue over the trade of rare earths has been settled, but has not given any details.

The flow of rare earths has been a key point of contention between the US and China.

Beijing holds a monopoly over the processing of critical minerals, and tightened its grip over rare earth exports in recent weeks.

"All of the rare earth [issue] is settled, and that's for the world... This was a worldwide situation and not just a US situation," Trump told reporters.

"There's no roadblock from China anymore," he adds.

Washington and Beijing are "in agreement on many things", Trump said.

He said that effective immediately, the US will reduce tariffs on all Chinese goods enacted earlier in response to the flow of chemical ingredients for fentanyl into the US.

Trump noted that China, as announced earlier, will start buying large quantities of soybeans "which I appreciated", he said.

We are hearing from President Trump live on Air Force One now, where he is speaking with reporters.

"It was an amazing meeting. He is a great leader," Trump says.

"We have come to a conclusion on many important points and we will be handing them to you in a little while," he says.