Listeners, here’s the latest on China tariffs and US-China trade, as President Donald Trump and President Xi Jinping struck a major economic agreement this week. The deal, finalized at a summit in South Korea, is being called a historic move that aims to rebalance trade and lower tensions between the world’s two largest economies. This comes after months of escalating tariffs and tit-for-tat actions, especially involving technology and agriculture.
Under the agreement, China will suspend all retaliatory tariffs it imposed since the beginning of March 2025. This means tariffs on American agricultural products—like chicken, wheat, corn, cotton, sorghum, soybeans, pork, beef, aquatic products, fruits, vegetables, and dairy—are being lifted immediately. China also committed to purchasing at least 12 million metric tons of U.S. soybeans before the end of this year and 25 million metric tons each year through 2028, a critical boon for American farmers according to the White House fact sheet.
In addition, China will end new export controls on rare earth elements announced in October, which affects industries relying on gallium, germanium, antimony, and graphite. China’s move also benefits U.S. semiconductor companies, as all investigations and non-tariff countermeasures targeting American firms in this sector are suspended. The market-based tariff exclusion process on U.S. imports is being extended through December 2026, providing certainty for exporters amid global supply chain concerns.
For its part, the United States, according to Fox Business, agreed to lower the special tariffs put in place to curb fentanyl flows from China by 10 percentage points starting November 10, 2025. Suspended reciprocal tariffs will remain in place until November 2026, with the current 10 percent rate unchanged during that period. Certain Section 301 tariff exclusions which were set to expire this month have now been extended until November 2026, offering relief to both U.S. importers and Chinese exporters. The U.S. also agreed to delay enforcement of newly proposed export rules targeting Chinese affiliates until late 2026 and suspended new trade investigations related to China’s shipbuilding and logistics sectors for a year.
The White House described this agreement as a massive victory for economic strength and national security, with expanded market access for U.S. businesses and farmers. Trump’s Asia trip not only sealed this deal with China but led to new trade agreements with Malaysia and Cambodia, plus frameworks for negotiations with Thailand and Vietnam. Investment commitments from Japan and South Korea were also secured.
Some voices, like those on geopoliticaleconomy.com, are calling this a de-escalation, suggesting the US has essentially reversed most of the punitive trade measures imposed since April. Will this agreement end the trade war or trigger another chapter? For now, US-China tariffs are lower and new opportunities await American exporters.
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