During a diplomatic mission in South Korea, President Donald J. Trump finalized a sweeping economic and trade agreement with Chinese President Xi Jinping, marking a pivotal moment in U.S.-China relations. The deal is designed to strengthen American economic interests and national security while prioritizing domestic industries such as agriculture, manufacturing, and technology. n nKey provisions of the agreement include China’s commitment to halt the export of chemical precursors used in fentanyl production destined for the United States. Additionally, Beijing has agreed to suspend its recently announced global export restrictions on rare earth elements and other vital materials—including gallium, germanium, antimony, and graphite—by issuing general licenses that effectively nullify controls imposed in April 2025 and October 2022. n nChina will also cease retaliatory measures against U.S. semiconductor firms and remove American companies from its unreliable entity list and end-user restrictions. In agriculture, China will lift tariffs and non-tariff barriers on a broad range of U.S. farm goods, including soybeans, pork, beef, corn, cotton, dairy, and fruits and vegetables, all imposed since March 4, 2025. Furthermore, China has pledged to purchase no less than 12 million metric tons of U.S. soybeans by the end of 2025, followed by annual purchases of at least 25 million metric tons in each of the years 2026 through 2028. Resumption of sorghum and hardwood log imports from the U.S. is also confirmed. n nTo support global semiconductor supply chains, China will ensure continued operations at Nexperia’s manufacturing sites within its borders, enabling uninterrupted production of legacy chips. It will also withdraw retaliatory sanctions linked to the U.S. Section 301 investigation into China’s dominance ambitions in maritime, logistics, and shipbuilding sectors, including the removal of penalties on affected shipping entities. Market-based tariff exclusions for U.S. imports will remain valid until December 31, 2026. n nIn parallel, the United States will reduce its fentanyl-related tariffs on Chinese goods by 10 percentage points, effective November 10, 2025. The suspension of heightened reciprocal tariffs—currently set at 10%—will extend through November 10, 2026. Certain Section 301 tariff exclusions, originally set to expire November 29, 2025, will now remain in place until November 10, 2026. The U.S. will also pause for one year, beginning November 10, 2025, the implementation of expanded end-user controls on affiliates of listed entities, as well as responsive actions under the Section 301 probe into China’s maritime sector strategies. Negotiations will continue under this framework, supported by strengthened trilateral coordination with Japan and South Korea to revive American shipbuilding. n nThis agreement concludes a successful Asian tour by President Trump, which also included reciprocal trade accords with Malaysia and Cambodia, joint trade negotiation frameworks with Thailand and Vietnam, and critical minerals cooperation pacts with Japan, Malaysia, and Thailand. Japan also reaffirmed its $550 billion investment commitment to the U.S., expanded energy procurement from American suppliers, and enhanced bilateral efforts to combat illicit drug trafficking. n— news from The American Presidency Project
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White House Fact Sheet: President Donald J. Trump Strikes Deal on Economic and Trade Relations with China
REBALANCING TRADE WITH CHINA: This week in the Republic of Korea, President Donald J. Trump reached a trade and economic deal with President Xi Jinping of China—a massive victory that safeguards U.S. economic strength and national security while putting American workers, farmers, and families first. n nThis historic agreement includes Chinese commitments to: n nHalt the flow of precursors used to make fentanyl into the United States. n nEffectively eliminate China’s current and proposed export controls on rare earth elements and other critical minerals. n nEnd Chinese retaliation against U.S. semiconductor manufacturers and other major U.S. companies. n nOpen China’s market to U.S. soybeans and other agricultural exports. n nCHINESE ACTIONS: n nChina will suspend the global implementation of the expansive new export controls on rare earths and related measures that it announced on October 9, 2025. n nChina will issue general licenses valid for exports of rare earths, gallium, germanium, antimony, and graphite for the benefit of U.S. end users and their suppliers around the world. The general license means the de facto removal of controls China imposed in April 2025 and October 2022. n nChina will take significant measures to end the flow of fentanyl to the United States. Specifically, China will stop the shipment of certain designated chemicals to North America and strictly control exports of certain other chemicals to all destinations in the world. n nChina will suspend all of the retaliatory tariffs that it has announced since March 4, 2025. This includes tariffs on a vast swath of U.S. agricultural products: chicken, wheat, corn, cotton, sorghum, soybeans, pork, beef, aquatic products, fruits, vegetables, and dairy products. n nChina will suspend or remove all of the retaliatory non-tariff countermeasures taken against the United States since March 4, 2025, including China’s listing of certain American companies on its end user and unreliable entity lists. n nChina will purchase at least 12 million metric tons (MMT) of U.S. soybeans during the last two months of 2025 and also purchase at least 25 MMT of U.S. soybeans in each of 2026, 2027, and 2028. Additionally, China will resume purchases of U.S. sorghum and hardwood logs. n nChina will take appropriate measures to ensure the resumption of trade from Nexperia’s facilities in China, allowing production of critical legacy chips to flow to the rest of the world. n nChina will remove measures it took in retaliation for the U.S.’s announcement of a Section 301 investigation on China’s Targeting the Maritime, Logistics, and Shipbuilding Sectors for Dominance, and remove sanctions imposed on various shipping entities. n nChina will further extend the expiration of its market-based tariff exclusion process for imports from the United States and exclusions will remain valid until December 31, 2026. n nChina will terminate its various investigations targeting U.S. companies in the semiconductor supply chain, including its antitrust, anti-monopoly, and anti-dumping investigations. n nAMERICAN ACTIONS: n nThe United States will lower the tariffs on Chinese imports imposed to curb fentanyl flows by removing 10 percentage points of the cumulative rate, effective November 10, 2025, and will maintain its suspension of heightened reciprocal tariffs on Chinese imports until November 10, 2026. (The current 10% reciprocal tariff will remain in effect during this suspension period.) n nThe United States will further extend the expiration of certain Section 301 tariff exclusions, currently due to expire on November 29, 2025, until November 10, 2026. n nThe United States will suspend for one year, starting on November 10, 2025, the implementation of the interim final rule titled Expansion of End-User Controls to Cover Affiliates of Certain Listed Entities. n nThe United States will suspend for one year, starting on November 10, 2025, implementation of the responsive actions taken pursuant to the Section 301 investigation on China’s Targeting the Maritime, Logistics, and Shipbuilding Sectors for Dominance. In the meantime, the United States will negotiate with China pursuant to Section 301 while continuing its historic cooperation with the Republic of Korea and Japan on revitalizing American shipbuilding. n nSECURING ANOTHER WIN FOR THE AMERICAN PEOPLE: This trade and economic deal caps President Trump’s successful trip to Asia, where he delivered a series of historic wins for the American people. n nIn Malaysia, President Trump signed Agreements on Reciprocal Trade with Malaysia and Cambodia, and the United States announced joint frameworks for trade negotiations with Thailand and Vietnam. He also signed critical minerals cooperation agreements with Thailand and Malaysia. n nIn Japan, President Trump announced major projects advancing Japan’s previous $550 billion investment commitment to the United States to further revitalize the U.S. industrial base, signed a landmark critical minerals agreement with Japan, secured historic purchases of U.S. energy from Japan, and deepened U.S.-Japan cooperation to combat illegal drug trafficking.