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There has been a turning point in the ongoing trade war between China and the US. On Wednesday, 5 November 2025, the Chinese government said that it is suspending retaliatory tariffs on all goods imported from the US. But the duty on import of soybean has been retained at 13 percent. According to the agency's report, the government will remove its additional 24 percent duty rate for one year on all goods imported from the US, which it imposed in April 2025, citing the Chinese cabinet.
The decision was made after the meeting between Jinping and Trump.
China's State Council Tariff Commission announced on Wednesday that it has suspended an additional 24 percent tariff on US goods for a year, while retaining 10 percent tariffs, Reuters reported. This move comes shortly after the meeting between Chinese President Xi Jinping and US President Donald Trump last week, which was a step towards easing trade tensions between the world's two largest economies.
Along with the tariff suspension, the Commission announced that China, the world's largest agricultural importer, will remove tariffs of up to 15 percent on select US agricultural products from 10 November. This decision is likely to benefit American exporters of products such as soybeans, corn, wheat and pork, which have been most affected by the trade dispute between the two countries.
US President Donald Trump announced comprehensive economic and trade agreements with Chinese President Xi Jinping last week, which marks a “brilliant new beginning” in the US-China relationship. He described it as a wonderful meeting, which included a reduction in tariffs by 10 percent, resumption of procurement of soybeans and a significant breakthrough on the controversial issue of Rare Earth Exports.
Speaking after more than two hours of closed-door talks with Xi Jinping in Busan, Trump announced that “many decisions have been taken” and conclusions on very important issues would be released soon.
In his special style, Trump said to reporters, “I would not say that everything was discussed. But it was a wonderful meeting. We agreed that President Xi Jinping would work hard to stop fentanyl, soybean procurement would start immediately and the tariff on China would be reduced from 57 percent to 47%.”
