The White House released a fact sheet late Saturday with more details about the trade agreement ironed out between President Trump and China’s President Xi Jinping in South Korea last week,
China will suspend additional export controls on rare earth metals and end investigations into US chip companies, according to the new release. The US will pause some of Trump’s “reciprocal tariffs” on China for another year and will halt plans to slap a 100% tariff on Chinese exports to the US that was set to take effect this month.
The agreement struck between Trump and Xi came after months of chaos and confusion, putting on ice a trade war between the world’s two largest economies.
Here are some other key details we know about the thaw:
The US tariff on goods related to the production of fentanyl will drop from 20% to 10% with a promise China would work “very hard to stop the flow.” That means overall tariffs on Chinese goods will be cut to 47% from 57%.
The US will mediate talks between Beijing and Nvidia’s (NVDA) CEO Jensen Huang over China’s use of restricted chips.
Trump said China would purchase more US energy as part of a wider trade truce, and hinted at an unspecified transaction involving Alaskan oil and gas.
China will resume buying “tremendous amounts” of US soybeans “starting immediately,” Trump said.
Despite questions about the truce’s ultimate durability, the moment represents a milestone for the US and China after Trump amped up trade threats against China almost immediately upon returning to office, rattling markets and unnerving investors.
Read more: What Trump’s tariffs mean for the economy and your wallet
Trump said the US and South Korea had reached a deal after months of negotiating on a framework agreement. Also, Trump and Japan’s first female leader, Sanae Takaichi, signed deals relating to trade and rare earths.
A spat over an ad featuring the late Ronald Reagan has grown into an international incident, with Trump threatening to raise tariffs on Canada by an additional 10%. Trump said he is stopping all negotiations with Canada.
The US Senate passed several resolutions this week that would end several of Trump’s country-specific tariffs, in a rare rebuke of the president from several members of his own party.
Next week, the US Supreme Court is set to hear a challenge to Trump’s most sweeping tariffs — the “reciprocal” country-by-country duties that you can see in the graphic above. A ruling against the tariffs — which would be in line with lower-court decisions — could have significant ramifications for Trump’s tariff strategy.
LIVE 136 updates
Details of China-US trade agreement include curbs on rare earth controls
The White House released a fact sheet on Saturday detailing the agreement reached between the US and China during talks in South Korea this past week. Bloomberg reports; China is going to suspend additional export controls on rare earth metals and end investigations into US chip companies.
Brooks Running plans price hikes for 2026 as tariffs costs mount
Yahoo Finance’s Francisco Velasquez reports:
Sat, November 1, 2025 at 8:30 PM UTC Small toy company leads challenge to Trump tariffs before Supreme Court
The case the Supreme Court will hear on Nov. 5 challenging President Trump’s tariffs is named for a small toy company in Illinois. Learning Resources v. Trump, along with two related cases, argues that the president’s tariffs are illegal.
The Associated Press reports that Learning Resources CEO Rick Woldenberg, whose mother founded the company, was looking for a law firm to help him sue Trump not long after the president’s “Liberation Day” announcement. He is not willing, Woldenberg said, to let politicians destroy what his family’s company built up over generations.
The cost of the lawsuit has been significant, he added, but Woldenberg said he felt it was worth the cost.
Sat, November 1, 2025 at 3:04 PM UTC Trump wants to attend SCOTUS arguments on his tariffs case. It would be a first for a sitting president.
The US Supreme Court will take up the case of President Trump’s “Liberation Day” tariffs on Nov. 5, and Trump has said he feels an obligation to watch the proceedings in person. If he does so, he would be the first sitting president to attend SCOTUS’ oral arguments, Bloomberg reports:
Sat, November 1, 2025 at 2:22 PM UTC Japanese PM says no plans to renegotiate $550B trade deal with US
Japan’s recently elected Prime Minister Sanae Takaichi said on Saturday she had no plans to renegotiate a $550 billion investment package deal reached with the United States, a shift from comments she made while running for office, Reuters reports.
Takaichi made the remarks in Gyeongju, South Korea, at the Asia-Pacific Economic Cooperation (APEC) summit, where she also met with China’s President Xi Jinping and South Korea’s President Lee Jae Myung. She said she and Xi had agreed to build a constructive and stable relationship.
From Bloomberg:
Canadian Prime Minister Mark Carney has apologized to President Trump for an ad sponsored by Ontario that used clips of the late Ronald Reagan criticizing tariffs, Bloomberg reports.
The ad prompted Trump to suspend trade negotiations with Canada and to levy an additional 10% tariff for not taking it down before it ran during two World Series games.
But Trump said trade talks won’t resume between the two countries, contradicting his energy secretary.
Bloomberg reports:
Nvidia (NVDA) CEO Jensen Huang addressed the ongoing issue around the sale of the company’s state-of-the-art Blackwell chips in China on Friday. He said that although he hoped they would be sold in Beijing, the decision needed to be made by President Trump.
Reuters reports:
Chinese leader Xi Jinping warned on Friday against “breaking supply chains”, in his first public remarks since he and President Trump secured a one-year trade truce between the countries.
Xi said that countries should “jointly maintain stable and smooth industrial supply chains” during his speech at a leaders’ summit of the Asia-Pacific Economic Cooperation group in Gyeongju, South Korea.
Bloomberg News reports:
Within President Trump’s trade deals are a list of provisions aimed at protecting the US digital economy. These deals, including those with Malaysia and Cambodia, require partner countries to agree not to impose digital services taxes or discriminate against US tech companies, like Google (GOOG) and Amazon (AMZN).
Bloomberg News reports:
With both the US and China optimistic and tensions possibly eased, here is how investors and analysts reacted to the latest developments:
Reuters reports:
President Trump’s tariffs are facing pushback from both sides of the aisle, with a number of Republican Senators joining efforts to end many of his trade policies.
Associated Press reports:
Thu, October 30, 2025 at 3:19 PM UTC Volkswagen stung by nearly $1B tariff hit
Yahoo Finance’s Pras Subramanian reports:
President Trump told reporters Thursday he’s again talking to Canada just days after saying he didn’t plan to engage with America’s northern neighbor “for a while.”
It was a nugget that came at the tail end of the president’s update to reporters on Air Force One Thursday around his talks with Chinese President Xi Jinping.
As the president was heading back to his cabin, a reporter asked, “Anything on Canada?” after Trump cut off talks with America’s northern neighbor over an ad produced by the government of Ontario that features Ronald Reagan to slam the president’s trade approach.
“We had a very nice conversation with him last night,” Trump revealed, in apparent reference to Canadian Prime Minister Mark Carney. Carney was also in attendance at a summit in South Korea and was photographed across the table from Trump at a dinner on Wednesday evening.
Trump declined to add more, such as whether there is any change in Trump’s announced plans for a new 10% tariff on Canada.
The highly-anticipated meeting between President Trump and Xi Jinping, which was wrapped up in around 90 minutes, covered various topics in the hopes of preventing any further trade tensions between the world’s largest economies.
Here is a list of some of the issues discussed, the outcomes, and what it could mean for both sides:
Fentanyl tariffs: The US tariff on goods related to the production of fentanyl will drop from 20% to 10% with a promise that China would work “very hard to stop the flow.” This brought overall tariffs on China down to 47% from 57%.
Rare earths: China paused plans for a dramatic expansion of its rare-earth export controls, offering relief to global buyers after a tumultuous year and handing major economies more time to counter Beijing’s grip on the industry.
Port fees: The US and China have agreed to suspend tit-for-tat shipping levies on vessels linked to each other for one year, according to Beijing, de-escalating a dispute that has become a sticking point in their wider trade war.
Soybeans: Trump said China will purchase “tremendous” amounts of American soybeans. He did not provide further details.
Nvidia (NVDA) and Blackwell chips: Trump said he didn’t discuss approving sales of Nvidia’s Blackwell chips to China, dampening speculation that Washington will allow exports of the powerful AI accelerators to the world’s largest semiconductor market. “We did discuss chips,” Trump told reporters aboard Air Force One. “They’re going to be talking to Nvidia and others about taking chips.”
President Trump said that he did not get to discuss Nvidia’s (NVDA) Blackwell AI chips during his high-stakes meeting with China’s President Xi Jinping on Thursday, adding to speculation as to whether Washington will allow exports of the powerful AI accelerators to the world’s largest semiconductor market.
Trump said he and Xi discussed the general access of Nvidia to China and that the chipmaker would continue to have talks with Beijing, which has discouraged its domestic firms from using less-advanced Nvidia processors that Washington already approved for sale.
Bloomberg News reports:
Thu, October 30, 2025 at 5:46 AM UTC Trump discusses largest takeaways from Xi meeting
President Trump addressed reporters on his way out of South Korea, discussing the main points of interest from the long-awaited 90-minute trade talk between Trump and Chinese President Xi Jinping.
Reuters reports:
Thu, October 30, 2025 at 3:39 AM UTC Trump and Xi begin hotly-anticipated trade talks in Busan
Bloomberg reports: