Overview
- Beijing will suspend its additional 24% tariff on U.S. goods for one year, keep a 10% levy, and lift up to 15% duties on selected farm imports starting Nov. 10, according to the State Council.
- President Trump signed executive orders on Nov. 4 to cut the fentanyl-related tariff on Chinese imports from 20% to 10% effective Nov. 10 and to extend a pause on some reciprocal U.S. tariffs for a year.
- The White House says China agreed to resume large soybean purchases—12 million metric tons in the final two months of 2025 and 25 million tons annually thereafter—though Beijing has not confirmed those volumes.
- Traders say U.S. soybeans remain uncompetitive because Chinese buyers still face an effective 13% tariff and Brazilian supplies are cheaper, tempering expectations for a quick rebound in U.S. farm exports.
- China will issue export licences for rare earths and other critical minerals, and Washington will suspend for one year certain export-control steps, while legal uncertainty persists with the U.S. Supreme Court reviewing tariff authorities.