• At an October 30 summit in the Republic of Korea, President Trump and Chinese President Xi Jinping agreed on a broad trade and economic deal aimed at easing the long‑running tariff conflict between the world’s two largest economies.
• China committed to suspend retaliatory tariffs, halt its rare earth export controls and stop shipments of fentanyl precursor chemicals; it also agreed to buy at least 12 million metric tons of U.S. soybeans by year‑end and 25 MMT annually through 2028.
• The U.S. agreed to cut fentanyl‑related tariffs by 10 percentage points and continue suspending heightened reciprocal tariffs on Chinese imports through late 2026, while extending selected tariff exclusions and halting certain Section 301 actions.
For importers, this represents a significant de‑escalation with more stable tariff rates and clearer market access—but many provisions depend on implementation through 2026.
