United States and China reach trade and economic deal
Agreement impacting tariffs, export controls, and market access
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november 3, 2025
The White House on November 1, 2025, announced that President Trump and President Xi Jinping have reached a trade and economic agreement that introduces major changes to U.S.-China relations, with both countries committing to significant actions affecting tariffs, export controls, and market access.
According to the White House fact sheet, China has agreed to:
- Halt the flow of fentanyl precursors to the United States
- Suspend and eliminate export controls on rare earth elements and other critical minerals
- End retaliation against U.S. semiconductor manufacturers
- Open its market to U.S. soybeans and other agricultural exports
- Suspend all retaliatory tariffs and non-tariff measures imposed since March 4, 2025
- Commit to large-scale purchases of U.S. soybeans through 2028
In return, the United States will:
- Lower tariffs on Chinese imports related to fentanyl controls by 10 percentage points effective November 10, 2025
- Extend the suspension of heightened reciprocal tariffs until November 10, 2026
- Extend certain Section 301 tariff exclusions, currently due to expire on November 29, 2025, until November 10, 2026
- Suspend for one year the implementation of new end-user controls and responsive actions under the Section 301 investigation into China’s maritime and shipbuilding sectors