The White House has released a fact sheet detailing the agreement reached between President Trump and Chinese President Xi Jinping during their meeting in South Korea on October 30.
Following the meeting, President Trump signed an Executive Order reducing tariffs on Chinese imports. Effective at 12:01 a.m. ET on November 10, the tariff rate on imports will decrease from 20% to 10%.
In addition, the President signed a second Executive Order extending the suspension of heightened reciprocal tariffs on Chinese imports until November 10, 2026.
Key Points:
U.S. Tariff Suspension:
- The U.S. will extend the suspension of higher tariffs on Chinese imports until November 10, 2026.
- Products excluded from Section 301 tariffs will remain exempt, including those listed in Annex C to this notice and Annex B to this notice.
- Additional tariffs on China related to fentanyl concerns will drop from 20% to 10% starting November 10, 2025.
- In return, China will cease shipments of certain precursor chemicals to North America and control exports globally.
China’s Tariff Suspension:
- China will suspend retaliatory tariffs on U.S. agricultural products and non-tariff countermeasures, including removing certain U.S. companies from its unreliable entity list.
- Tariff exclusions for U.S. imports will remain valid until December 31, 2026.
50% Rule:
- U.S. will suspend the expansion of export restrictions to subsidiaries of entities on federal lists until November 10, 2026.
Shipping Fees:
- The U.S. will suspend fees on Chinese-owned or operated vessels and Chinese-built vessels until November 10, 2026.
- In return, China will lift retaliatory measures and sanctions on shipping entities.
Rare Earths:
- China will suspend export controls on rare earths for one year, lifting restrictions imposed in October 2024.
- Licenses will be issued to U.S. companies for access to rare earths, gallium, germanium, antimony, and graphite.
Agricultural:
- China will purchase 12 million metric tons of U.S. soybeans in late 2025 and commit to purchasing at least 25 million metric tons annually from 2026 to 2028.
- China will also resume U.S. sorghum and hardwood log imports.
Semiconductors:
- China will end investigations targeting U.S. semiconductor companies, including antitrust and antidumping inquiries.
The details of the Reciprocal Tariff are subject to change at any time, including before or after implementation.