The White House published a fact sheet detailing a new trade agreement between the United States and China. Under this agreement, China will suspend its recently announced global export controls on rare earth elements and issue general licenses allowing exports of rare earths, gallium, germanium, antimony, and graphite for U.S. end users and their suppliers. China has also agreed to end retaliation against U.S. semiconductor manufacturers and other major companies, reopen its market to U.S. soybeans and agricultural products, and stop the flow of fentanyl precursors to the United States. China will also suspend all retaliatory tariffs and remove non-tariff countermeasures imposed against the U.S. since March 2025.
In return, the United States will reduce tariffs on Chinese imports imposed to curb fentanyl flows by removing 10% of the cumulative rate, effective November 10, 2025. In addition to the reduced rate of the IEEPA Fentanyl tariff to 10%, the U.S. will maintain the current 10% reciprocal tariff rate on Chinese goods until November 10, 2026. It will also extend Section 301 tariff exclusions through November 2026 and suspend for one year the implementation of measures tied to the Section 301 investigation into China’s maritime, logistics, and shipbuilding sectors.
The full details of the agreement can be found in the official White House fact sheet: https://www.whitehouse.gov/fact-sheets/2025/11/fact-sheet-president-donald-j-trump-strikes-deal-on-economic-and-trade-relations-with-china/
No details are available at this time as to whether there are in transit rules surrounding this decrease. We shall provide further updates as they are made available.