00:00U.S. President Donald Trump has issued executive orders formally lowering key tariffs on Chinese
00:06goods. It follows an announcement Trump made after meeting with Chinese President Xi Jinping
00:11in South Korea last week. Trump said he'd lower a tariff targeting the illegal fentolin trade
00:16from 20 to 10 percent and reciprocal tariff rates from 34 to 10 percent. The new rates
00:22will go into effect on November 10th and last for one year. In exchange, China says it will
00:28suspend its 24 percent tariffs on U.S. goods but keep a 10 percent levy. Trump also said
00:34China will remove rare-earth export controls and purchase more U.S. soybeans. Yet he warned
00:39that these moves may be reversed if China fails to deliver on its commitments.
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