Overview
- President Trump issued executive orders on Nov. 4 cutting the fentanyl-related tariff on Chinese imports to 10% from Nov. 10 and extending a lower reciprocal tariff rate for a year.
- China’s State Council said Nov. 5 it will suspend for one year the additional 24% tariff on U.S. goods while keeping a 10% baseline levy, effective Nov. 10.
- Beijing will remove up to 15% retaliatory tariffs on selected U.S. farm goods starting Nov. 10, yet traders note U.S. soybeans still face about a 13% tariff that leaves Brazilian supplies cheaper.
- China agreed to postpone planned export restrictions on rare earths and related minerals for at least a year, while Washington will pause for one year its latest expansion of the Entity List and certain port-fee measures.
- The White House says China pledged large soybean purchases, but Beijing has not confirmed the figures; the truce runs for one year and faces enforcement and legal uncertainties, including a pending Supreme Court review of U.S. tariff powers.