Overview
- President Trump signed executive orders cutting the fentanyl-related tariff on Chinese imports to 10% from 20% and extending a reduced reciprocal tariff rate to 10% for one year, effective Nov. 10.
- China’s State Council said it will suspend for one year its additional 24% tariff on U.S. goods while maintaining a 10% blanket levy, and it will lift some duties of up to 15% on U.S. farm products starting Nov. 10.
- The White House says China agreed to buy at least 12 million metric tons of U.S. soybeans in the final two months of 2025 and 25 million tons annually thereafter, though analysts note this largely restores pre-tariff volumes.
- The deal includes Chinese export licences for rare earths and key minerals such as gallium and graphite, while Washington agreed to pause for a year its latest expansion of Entity List export restrictions on Chinese firms.
- U.S. officials say a new bilateral working group will implement counternarcotics cooperation tied to the fentanyl tariff cut, with both sides signaling the truce could be revisited if commitments are not met.