Overview
- The U.S. lowered its average tariff on Chinese goods from about 57% to about 47% by halving the fentanyl-related levy to 10% and canceling a planned 100% hike set for Nov. 1.
- China agreed to delay new export controls on rare earths and other critical minerals for one year, providing temporary relief to global supply chains.
- Treasury Secretary Scott Bessent said China will buy 12 million metric tons of U.S. soybeans through January and about 25 million tons annually for the next three years, with sorghum and other farm goods also referenced.
- Trump said China will begin talks to purchase U.S. energy, including a potential large Alaska oil and gas transaction, though terms remain to be negotiated.
- Analysts and Senate Democrats questioned the asymmetry of commitments, noting U.S. concessions are concrete while Beijing’s pledges are short-term or vague, and several issues such as Taiwan and Nvidia’s Blackwell chips were not resolved.