(VOVWORLD) - The White House on Saturday released details about the agreement that US President Donald Trump reached this week with Chinese President Xi Jinping to de-escalate their countries’ trade tension, including US tariff reductions and a pause in Beijing's new restrictions on rare earth minerals and magnets.
 US President Donald Trump and Chinese President Xi Jinping talk as they leave after a bilateral meeting at Gimhae International Airport, on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit, in Busan, South Korea, October 30, 2025. (Photo:REUTERS) |
The US will halve the 20% tariff on Chinese goods related to supplies of fentanyl opioid precursor chemicals coming from China, the White House said in its fact sheet.
The reduction to 10% on the duties first imposed in February will cut the overall US tariff rate on Chinese imports to about 47% from 57%.
The US agreed to a one-year pause on an expanded Commerce Department blacklist of companies prohibited from buying US technology goods, including semiconductor manufacturing equipment.
The Trump administration agreed to pause for one year new port fees imposed on Chinese-built, -owned and -flagged ships.
China agreed to a one-year pause on export controls it unveiled this month on rare earth minerals and magnets. China will also issue general licenses for exports of rare earths, gallium, germanium, antimony and graphite.
China will take measures to resume trade from chipmaker Nexperia’s facilities in China, allowing production of critical legacy chips to flow to the rest of the world.
China also agreed to suspend all retaliatory tariffs it has announced since March 4, including duties on US chicken, wheat, corn, cotton, sorghum, soybeans, pork, beef, aquatic products, fruits, vegetables, and dairy products.
China will terminate its antitrust, anti-monopoly and anti-dumping investigations targeting US firms in the semiconductor supply chain, the White House said.