Overview
- President Trump said the U.S. will halve the fentanyl-linked tariff on Chinese goods to 10%, lowering overall effective duties on China to about 47% from 57%.
- Beijing will suspend for one year its new export controls on rare-earth minerals and related materials, and will resume large purchases of U.S. farm goods including soy.
- Both countries agreed to pause for a year their reciprocal port fees and the U.S. Section 301 measures targeting China’s maritime and logistics sectors.
- Officials on both sides will finalize technical details for formal signing, with Treasury Secretary Scott Bessent saying the deal could be signed as soon as next week and leaders eyeing follow-up visits.
- The agreement includes expanded cooperation to curb fentanyl precursors, while issues such as advanced semiconductor access and Taiwan were not addressed; China said TikTok-related matters will be handled appropriately.