Australian news and politics live: Donald Trump announces major China trade deal after Xi Jinping meet

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Chinese state media are reporting on Xi Jinping’s discussions with Donald Trump.

“economic and trade teams of China and the United States held in-depth talks and reached consensus on solutions to problems,” Xi said, according to he Xinhua news agency.

The report did not provide specifics of the agreements.

It said Xi also “called on both sides to focus on long-term benefits brought by cooperation rather than falling into vicious cycle of retaliation.”

“the economic and trade teams of both sides to constantly narrow down the list of problems, and extend the list of cooperation based on the principles of equality, respect and mutual benefit,” he said.

Donald Trump has claimed his meeting with Chinese President Xi Jinping was “a 12 out of 10.”

Trump described the talks as “amazing,” saying the leaders reached “an outstanding group of decisions” and “concluded on many important points.”

Here’s a reminder of what Trump said, though it’s important to remember China hasn’t publically responded yet:

Visits

Trump confirmed he plans to visit China in April, and Xi will make a reciprocal visit to the US “some time after that — whether it’s in Florida, Palm Beach or Washington DC.”

Rare earths

China had previously threatened to halt rare earth exports with potential military or semiconductor uses. Trump said Xi committed to keeping them flowing under a one-year deal, which he expects to be extended.

“All of the rare earth has been settled. That roadblock is gone now, there’s no roadblock at all on rare earths,” Trump said.

Tariffs

On fentanyl precursor chemicals, the US had imposed a 20 per cent tariff to pressure China. Trump said Xi will work to curb the flow, and the US has cut the tariff to 10 per cent, bringing the overall burden down from 57 per cent to 47 per cent.

Chips

Trump said discussions included China buying chips from Nvidia, with the US acting as “more of an arbitrator or referee.” On Nvidia’s new Blackwell AI chip, he said:

“We’re not talking about the Blackwell ... But a lot of chips, you know, a lot of the chips. And that’s good for us.”

Ukraine and Taiwan

The war in Ukraine came up, with Trump saying the US and China will work together to reduce casualties, though he noted:

“The two sides are locked in fighting, and sometimes you’ve got to let them fight I guess. Crazy.”

Taiwan, he added, was not discussed:

“That was not discussed actually.”

On one of the key sticking points, US President Donald Trump said the US and China had also resolved their long-running dispute over rare earth minerals.

“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,” he told reporters.

“There’s no roadblock from China anymore.”

He also revealed both leaders plans for visits:

“I’ll be going to China in April and he’ll be coming here sometime after that, whether it’s in Florida, Palm Beach or Washington DC.”

US President Donald Trump has announced a major trade deal for the US and China, lowering tariffs on Chinese goods from 57 per cent to 47 per cent.

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The US President announced that Washington and Beijing are “in agreement on many things,” including an immediate reduction of tariffs on Chinese goods imposed in response to the flow of fentanyl-related chemicals into the US.

He added that China would resume purchasing large quantities of American soybeans, “which I appreciated.”

The Opposition has targeted Treasurer Jim Chalmers in Question Time over inflation figures released yesterday, describing the rising cost of living and increasing unemployment as the “Jimflation Effect”.

Addressing the Treasurer, Opposition counterpart Ted O’Brien demanded to know whether inflation smashing through the top of the Reserve Bank’s target band was a “direct consequence of the Treasurer’s spending spree?”

“What is the Treasurer’s explanation for unemployment and inflation being well above the RBA forecast, not unlike the stagflation from the 70s which people nowadays refer to as the ‘Jimflation Effect’?”

Mr O’Brien was forced to withdraw the jibe by Speaker Milton Dick, before Dr Chalmers responded by describing his Liberal counterpart as a “comical, almost cartoonish, figure”.

“I won’t take advice on inflation from those who left us with inflation that was 6.1% and rising fast”, Dr Chalmers added.

US President Donald Trump has boarded Air Force One after the one hour and 40 minute meeting with the Chinese President.

Mr Trump did not answer any questions from reporters, including those who shouted out asking why the US would be resuming nuclear weapon testing, and why he made that announcement moments before his meeting with Xi Jinping.

US President Donald Trump and Chinese President Xi Jinping have wrapped up their talks.

US President Donald Trump and Chinese President Xi Jinping are now in a closed-door meeting after sharing opening remarks with the world’s media.

The White House scheduled two hours for the meeting, however, sources believe the meeting could last three.

President Xi, in his opening remarks, commented on the “frictions” in the US-China relationship.

“We do not always see eye to eye with each other,” Mr Xi said in Chinese.

“It is normal for the two leading economies of the world to have frictions now and then.

Mr Xi said it felt “very warm” seeing Mr Trump again after “many years”, and that China and the US are “fully able to help each other succeed and prosper together”.