The White House outlines details of a « historic » trade deal with China

The White House released details of the « historic » trade deal on Saturday President Donald Trump and Chinese President Xi Jinping — a sweeping agreement to ease tensions between the world’s two largest economies.

The deal, described by the administration as a « huge victory, » was finalized this week at a bilateral meeting in Busan. South Korea. It includes US tariff reductions and a series of Chinese commitments on fentanyl, rare earth exports and agricultural trade, according to a White House statement.

According to the White House, the agreement « secures America’s economic strength and national security, and puts American workers, farmers and families first. »

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Under the agreement, China will curb the flow of fentanyl precursors to the United States, suspend new export controls on rare earths and magnets, reopen its markets to U.S. soybeans and other agricultural products, and remove retaliation against major brands. US companiesaccording to the announcement.

China specifically agreed to:

• The suspension of new export controls for rare earth metals was announced on October 9.
• Issuing general licenses for the export of rare earths, gallium, germanium, antimony and graphite.
• Take « significant measures » to contain fentanyl flow to America.
• Suspend all retaliatory tariffs that have been in place since March, including on US agricultural products such as soybeans, pork, corn and dairy products.
• Eliminate non-tariff countermeasures against US industry.
• Buy 12 million tons of U.S. soybeans by the end of the year and 25 million tons annually by 2028.
• Continue importing US sorghum and hardwood.
• Continue trading from Nexperia’s chip factory in China.
• Remove sanctions imposed in retaliation for a US investigation into China’s shipping, logistics and shipbuilding sectors.
• Stop researching US semiconductor companies.
• Extends the market-based tariff exclusion process for imports from the United States until December 31, 2026.

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In return, the United States agreed to:

• Lower tariffs Chinese import — originally ordered to curb fentanyl flows — by 10 percentage points starting Nov. 10, but higher reciprocal tariffs are withheld until Nov. 10, 2026.
• Extend certain section 301 tariff exemptions until November 10, 2026.
• Delays implementation of new export rule on subsidiaries of blacklisted Chinese companies until November 10, 2026.
• Suspend new trade deals related to research in China’s shipbuilding and logistics sectors until the end of 2026 and continue coordination with South Korea and Japan to strengthen US shipbuilding.

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The White House hailed the deal as the latest in a series of « historic victories for the American people » during Trump’s trip to Asia. The visit also resulted in new trade agreements with Malaysia and Cambodia and created a framework for negotiations with Thailand and Vietnam.

In addition, the trip secured extended investment commitments from both Japan and South Korea.

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« This trade and economic agreement caps President Trump’s successful trip to Asia, where he delivered a series of historic victories for the American people, » the White House wrote.