President Trump following his meeting with Chinese leader Xi Jinping in South Korea that he had agreed to cut tariffs on China in exchange for commitments from Xi to buy U.S. soybeans, allow exports of rare earth minerals, and crack down on fentanyl.

Why it matters: A trade truce between the world's two largest economies will come as a huge relief to businesses, investors and consumers. • Speaking to reporters on Air Force One en route back to D.C., Trump said tariffs on Chinese exports would be lowered to 47% from 57%. • According to CNBC, he said "a lot of decisions" had been made in an "amazing" meeting, and that the dispute over rare earths was now "settled." • Beijing had yet to release its readout of the meeting at time of publication.

Driving the news: The meeting lasted aro

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