U.S. and China Set One-Year Tariff Truce Starting Nov. 10

Overview

• President Donald Trump signed an executive order cutting additional U.S. tariffs on Chinese imports from 20% to 10%, effective November 10.
• China said it will suspend for one year the additional 24% tariff on U.S. goods while keeping a 10% base rate, with the measure taking effect November 10.
• Beijing will also suspend tariffs of up to 15% on certain U.S. agricultural products, including soy, as part of the package.
• The steps follow the Busan summit where both sides linked trade relief to Chinese action on fentanyl chemicals, rare‑earth export easing, and increased U.S. farm purchases.
• U.S. officials say compliance will be closely monitored, and China separately announced the removal of 15 U.S. companies from its export control list starting November 10.