U.S. President Donald Trump announced new trade measures with China, including scaled-back tariffs, following a meeting with Chinese President Xi Jinping on Thursday.

The announcement came amid trade tensions between the countries after China sought more sweeping rare earth material export controls, and President Trump threatened an additional 100% tariff against Chinese goods in response.

"I guess on the scale from zero to 10, with 10 being the best, I would say the meeting was at 12," President Trump told reporters.

He announced the U.S. will halve fentanyl-related tariffs from 20% to 10% against China while other investigation-related tariffs remain, as it committed to help stem the flow of fentanyl into the U.S., bringing tariffs generally to 45%-47%.

"He's going to work very hard

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