Overview
- President Trump reduced the average U.S. tariff on Chinese goods from about 57% to about 47% and canceled a threatened 100% surcharge that was set to start on Nov. 1.
- Fentanyl-related tariffs were halved from 20% to 10% as Trump said Xi pledged to work to curb illicit flows into the United States.
- Beijing agreed to delay tightened rare‑earth export controls for one year, effectively keeping critical minerals and magnets flowing to global supply chains.
- China will resume large purchases of U.S. soybeans, with 12 million metric tons by January and about 25 million tons annually thereafter, according to U.S. officials.
- Chip access remains unresolved as China will talk with Nvidia about purchases, with no approval for the most advanced Blackwell chips, and analysts describe the outcome as a temporary truce with issues like TikTok and Taiwan still pending.