Last Thursday, we updated you on outcomes from the Trump – Xi summit in Gyeongju, South Korea. On Saturday the White House released a fact sheet detailing the substance of an agreement between the United States and China. While we do not expect to see the full text of the agreement to be made public, below is a summary of key provisions and commitments from both sides:

The United States will:

Reduce the 20% IEEPA fentanyl tariff to 10%, effective November 10, 2025
Pause imposing heightened reciprocal tariffs until November 10, 2026
Extend certain Section 301 exclusions, which are set to expire on November 29, 2025 to until November 10, 2026
Suspend Section 301 port fees and other related actions until November 10, 2026
Suspend the implementation of the affiliates export control rule for one year

The People’s Republic of China will:

Suspend its new export controls on rare earths and issue general licenses for gallium, germanium, antimony, and graphite
Stop the shipment of certain designated chemicals used to make fentanyl to North America and strictly control exports of certain other chemicals worldwide
Suspend all retaliatory tariffs announced since March 4, 2025, including tariffs on agricultural products
Suspend or remove all retaliatory non-tariff measures taken against the United States since March 4, 2025, including the listing of certain U.S. companies on its end user and unreliable entity lists
Purchase at least 12 million metric tons (MMT) of U.S. soybeans in 2025 and 25 MMT of U.S. soybeans in 2026, 2027, and 2028. It will also resume purchases of U.S. sorghum and hardwood logs
End investigations targeting U.S. semiconductor companies, including its antitrust, anti-monopoly, and anti-dumping investigations
Ensure the resumption of trade from Nexperia’s facilities in China
Remove measures taken in retaliation for the United States’ Section 301 port fees and related actions
Extend the expiration of its tariff exclusion process and extend exclusions until December 31, 2026

As we wrote on Thursday, these terms will be revisited in one year. We would also note that, according to the fact sheet, it appears as if China’s commitments look indefinite while U.S. commitments appear to be limited to one year. Also, some of the language, including on China’s commitment to “end” the flow of fentanyl to the United States and terminate investigations against U.S. companies, seem vague. We will be monitoring and updating you with any relevant developments. USTR Greer also confirmed that the Section 301 investigation into China’s compliance with the “Phase One” agreement will continue to proceed. For reference, here is a recent blog from Sung on what the recent trade announcements signal about the administration’s trade agenda.

In the meantime, please let us know if you have any questions.

Thank you.

Best,

Sung Chang
Vice President, International Trade

Ellen Jackson
Director, Government Affairs

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