US President Donald Trump said he will lower his tariff rates on imports of Chinese goods to 47% after meeting with Chinese counterpart Xi Jinping in Busan, South Korea on Thursday.

Trump also announced that the meeting yielded an extendable one-year deal on the supply of crucial rare earths as the meeting set the stage for the leaders of the world’s two largest economies to stabilize relations after months of turmoil over trade issues.

"All the rare earths has been settled, and that's for the world," Trump told reporters aboard Air Force One, adding that the deal was for a year and would be re-negotiated annually.

Trump's aggressive use of tariffs since returning to the White House for a second term combined with China's retaliatory limits on exports of rare earth elements gave

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