President Trump announces trade agreements with China, Thailand and Malaysia

U.S. President Donald Trump has reached an agreement with Chinese President Xi Jinping regarding U.S.-China trade relations.

As part of the agreement, the U.S. will lower its cumulative tariff rate on Chinese imports by 10%, beginning on Nov. 10. In addition, the country’s heightened reciprocal tariffs on Chinese imports will be suspended until Nov. 10. During the suspension period, the current 10% reciprocal tariff on Chinese imports will remain in effect.

The U.S. also further extended the expiration of certain 301 tariff exclusions until Nov. 10, which were previously scheduled to expire on Nov. 29. The U.S. will also suspend its implementation of actions taken pursuant to the Section 301 investigation, “China’s Targeting the Maritime, Logistics and Shipbuilding Sectors for Dominance.”

China will suspend its implementation of new export controls on rare earth elements and related measures announced on Oct. 9, in addition to all retaliatory tariffs announced since March, which have affected U.S. agricultural products. The country will also suspend or remove all retaliatory non-tariff countermeasures announced since March.

China has agreed to purchase at least 12 million metric tons (approximately 13 million U.S. tons) of U.S. soybeans in November and December. Additionally, the country will purchase at least 25 metric tons (approximately 27 million U.S. tons) of U.S. soybeans each in 2026, 2027 and 2028, and resume purchases of U.S. sorghum and hardwood logs.

China will remove measures implemented as a result of the U.S.’s 301 investigation, “China’s Targeting the Maritime, Logistics and Shipbuilding Sectors for Dominance,” and will further extend the expiration of its market-based tariffs exclusion process for U.S. imports, and exclusions will remain valid until Dec. 31, 2026.

President Trump has also signed cooperation agreements on critical minerals with Thailand and Malaysia.