Overview

• President Trump’s August 11 executive order freezes U.S. levies on Chinese goods at roughly 30% through November 10, reflecting a 20% fentanyl surcharge and a 10% baseline reciprocal tariff.
• China’s Ministry of Commerce reciprocated by maintaining its 10% rate on U.S. imports and suspending Unreliable Entity List and export-control measures for 90 days.
• A Federal Circuit stay keeps most IEEPA-related tariffs in place after the U.S. Court of International Trade struck them down, fueling legal uncertainty over the truce’s durability.
• Retailers are redirecting late Q4 orders back to China under the pause even as longer-term supply-chain shifts to Vietnam and other hubs continue.
• U.S. importers paid an estimated $25 billion in tariffs in July, highlighting the truce’s limited relief for companies already grappling with elevated duty burdens.