Trump cuts tariffs on China after meeting Xi in South Korea

President Donald Trump said he has decided to lower his tariff rates on imports of Chinese goods to 47 per cent after talks with Chinese leader Xi Jinping on curbing fentanyl trafficking.

Trump told reporters he decided to reduce the current rate from 57 per cent after the talks.

Ahead of the meeting, Trump threatened a huge hike that would have boosted tariffs by 100 per cent, but he told reporters he didn't need to go through with that plan.(AP) RD RD