U.S. and China May Discuss Fentanyl Tariff Cuts and Resumption of Soybean Imports - WSJ (Verification Needed)

U.S. and China Expected to Discuss Fentanyl Tariff Cuts and Resumption of Soybean Imports

The United States and China are expected to discuss reducing tariffs related to fentanyl and resuming imports of U.S. soybeans at an upcoming summit. The Wall Street Journal (WSJ) reported on the 29th that the two countries could reach an agreement on these issues during the summit. This forecast is drawing significant attention as it precedes the U.S.-China summit between U.S. President Donald Trump and Chinese President Xi Jinping, scheduled to take place in Busan on October 30th. The two countries are also expected to discuss resolving issues related to rare earth export controls during the meeting. According to the WSJ report, the upcoming U.S.-China summit will broadly address trade and economic issues between the two countries, including fentanyl. As fentanyl has become a serious social problem in the United States, the outcome of the tariff reduction discussions is of particular interest. If fentanyl tariffs are reduced, China could see its current average tariff of 55% lowered to around 45%, improving access to the U.S. market. This is expected to positively impact Chinese companies' entry into the U.S. market and enhance the price competitiveness of fentanyl-related products. Conversely, the United States is expected to expand agricultural exports and improve its trade balance by resuming Chinese soybean imports. The WSJ also suggested that the U.S. and China may reduce friction over software export controls and lower port entry fees levied on each other's ships. This could be interpreted as a positive sign for improving trade relations between the two countries. Relaxing software export controls would promote technological cooperation and exchange between companies, while reducing port entry fees would cut maritime logistics costs and contribute to trade activation. The U.S. and China have experienced conflicts in various areas, including trade imbalances, technological hegemony competition, and the South China Sea issue. These conflicts have strained relations and negatively impacted the global economy. Therefore, the upcoming U.S.-China summit could serve as an important opportunity to improve relations and contribute to the stability of the world economy. At the summit, President Trump and President Xi are expected to discuss bilateral issues in depth and explore ways to promote mutual interests. Strengthening cooperation in trade and economics, in particular, could bring practical benefits to both countries and help reduce global economic uncertainty. If China promises to purchase a significant amount of U.S. soybeans at the upcoming summit, President Trump could alleviate some domestic political pressure. The U.S. agricultural sector has been severely impacted by China's suspension of soybean imports, and President Trump has faced criticism for this. Therefore, the resumption of Chinese soybean imports could contribute to raising President Trump's approval ratings and quell the discontent of the U.S. agricultural sector. South Korean President Lee Jae-myung hopes that the U.S.-China summit will have a positive impact on the Korean Peninsula peace process. The Korean Peninsula issue requires cooperation between the U.S. and China, and if the two countries engage in constructive dialogue on the issue, it could contribute to establishing peace on the Korean Peninsula. In particular, close cooperation between the U.S. and China is essential to resolving North Korea's nuclear issue, and if the two countries confirm a common position on North Korea and seek cooperative measures, it could strengthen international efforts to denuclearize North Korea. The U.S.-China summit is not only about improving relations between the two countries, but also a meeting that could have a significant impact on the global economic order and security environment. Therefore, the world is paying close attention to the summit, and there are forecasts that the international situation could change significantly depending on the outcome. As the U.S. and China are the two pillars of the world economy, cooperation between the two countries is essential for global economic recovery. If the two countries strengthen economic cooperation and resolve trade disputes at the summit, they can reduce global economic uncertainty and lay the foundation for sustainable growth. The U.S. and China must also play an important role in resolving global issues such as climate change, terrorism, and infectious diseases. If the two countries pledge joint efforts to resolve these issues and develop concrete cooperation measures at the summit, they can increase international trust and contribute to solving global problems. It is expected that the United States will adjust its level of pressure on China while maximizing its own interests through the summit. China is also expected to focus on stable management of relations, accepting some of the United States' demands. Ultimately, the success of the summit depends on how much the two countries can reach a practical agreement based on mutual respect and understanding. The outcome of the summit is expected to have a significant impact not only on U.S.-China relations but also on the political situation in Northeast Asia. In particular, changes in the positions of the two countries on sensitive issues such as the North Korean issue and the Taiwan issue could bring changes to the diplomatic strategies of neighboring countries. Therefore, the South Korean government should carefully analyze the results of the U.S.-China summit and reflect them in its future diplomatic strategy. The South Korean government should also maintain a balanced relationship with the U.S. and China while seeking ways to maximize national interests. The South Korean government should play an active role in ensuring that the U.S.-China summit contributes to peace and prosperity on the Korean Peninsula. While it is difficult to expect that the summit will completely resolve the conflicts between the two countries, it could serve as an opportunity to confirm the will to resolve problems through dialogue and cooperation. The summit will also be an important test to gauge the future of relations between the two countries. Depending on the outcome of the summit, U.S.-China relations could develop into a more cooperative relationship or deteriorate into a more competitive relationship. Therefore, the two countries should build trust and seek ways to promote mutual interests in the long term through the summit. It is hoped that the summit will be successfully concluded, further develop relations between the two countries, and contribute to global peace and prosperity. President Lee Jae-myung and other government officials are closely monitoring the outcome of the summit and carefully analyzing its impact on the situation on the Korean Peninsula. In particular, they are paying attention to the possibility of cooperation between the U.S. and China to resolve the North Korean issue and plan to continuously promote diplomatic efforts to advance the Korean Peninsula peace process.