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President Donald Trump is returning to Washington after meeting with Chinese President Xi Jinping. He spoke with reporters aboard Air Force One, announcing a reduction in tariffs and new trade agreements between the U.S. and China. Trump said the U.S. will reduce tariffs on China, which were implemented earlier this year to penalize the country for selling chemicals used to make fentanyl. The tariff rate will be lowered from 20% to 10%, reducing the total combined import tax on China from 57% to 47%.Trump also announced that China would lift restrictions on rare earth exports, which had recently been limited, affecting U.S. and other foreign companies. Additionally, Trump stated that China would immediately resume purchasing American soybeans, following a halt in buying from the U.S.Earlier this month, Trump had threatened to impose an additional 100% tariff on Chinese products starting Nov. 1, but he confirmed that this plan has been withdrawn after the meeting."Overall, I guess on a scale from 0 to 10 with 10 being the best I would say the meeting was a 12," Trump said.China's government released a statement after the meeting, saying, "President Xi noted that the two teams had an in-depth exchange of views on important economic and trade issues, and reached consensus on solving various issues. They should work out and finalize the follow-up steps as soon as possible, and ensure that the common understandings are effectively upheld and implemented, to inject confidence into the two countries as well as the global economy through solid deliverables."Keep watching for the latest from the Washington News Bureau: