Trump Says He Expects to Lower 20% Fentanyl Tariff on China
President Donald Trump, speaking to reporters on Air Force One as he flew in Asia, said he expects that the 20% tranche of tariffs on China, levied due to China's lack of action to crack down on fentanyl trafficking, will be lowered after he meets with President Xi Jinping in South Korea.
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Trump is meeting with Xi on Oct. 30.
"I expect to be lowering that because I believe they're going to help us with the fentanyl situation, they're going to be doing what they can do," he said. He didn't put a number on the reduction, but The Wall Street Journal reported earlier in the week that the 20% rate could go to 10%.
He was asked if a one-year delay from China in imposing extraterritorial export controls on products containing rare earths would satisfy him. He replied, "We’re going to work out something. We’re doing very well in rare earth, as you know."
Trump addressed exports to China, both agricultural and of restricted chips, including Nvidia's advanced Blackwell chip.
"We'll be discussing the farmers," he said. "We'll be speaking about Blackwell. It's the super-duper chip." He added: "It's probably 10 years ahead of any other chip. ... I think we may be talking about that with President Xi."
A reporter pointed out that China has stopped buying lower-level Nvidia chips. Trump said, "In the meantime, Nvidia [stock] hit a brand new high."