China to Remove Retaliatory Tariffs on Some US Farm Products
Beijing Also Will LIft Export Controls on Some American Firms
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China announced it will remove retaliatory tariffs on some U.S. farm products and lift export controls on an array of American firms, after Washingtonhalvedits fentanyl-related levies on Chinese goods.
The country’s Finance Ministry confirmed in a Nov. 5 noticeit would end tariffs imposed March 4 on soybeans and other U.S. agricultural products including corn, wheat, sorghum and chicken. That move — to take effect Nov. 10 — was previously flagged in a White House fact sheet.
Hours later, the Commerce Ministry said it wouldremove15 American firms from an export control list, while taking10other U.S. companies off its unreliable entity list. Beijing will alsoscrapa ban on Illumina Inc.’s exports of its DNA sequencer to China.
The moves are part of a broader trade pact between President Donald Trump and Chinese leader Xi Jinping that’s set to last one year and has, for now, stabilized a turbulent relationship. Before their summit in South Korea last week, the two leaders had been locked in a cycle of tit-for-tat actions that threatened to upended global trade.
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CHINA TO SUSPEND 24% U.S. TARIFFS AND MAINTAIN 10% FOR A YEAR.
CHINA’S MINISTRY OF COMMERCE ANNOUNCED THAT STARTING FROM 13:01 ON NOVEMBER 10, 2025, IT WILL CEASE IMPLEMENTING THE ADDITIONAL TARIFFS ON CERTAIN IMPORTS ORIGINATING FROM THE UNITED STATES. … — CN Wire (@Sino_Market)
Helping to cement that ceasefire, Trump on Nov. 4 signed a pair of executive orders that formalized loweringfentanyl-related levieson Chinese exports and extending a reprieve on higher U.S. reciprocal tariffs.
The detente between the world’s biggest economies has boosted optimism about a revival in agricultural trade between the two nations, helping to push up global grain prices. Chicago soybean futures rose as much as 1% in Asian hours on Nov. 5.
Chinese buyers hadshunnedAmerican soybeans as tensions between the two sides soured, taking more from South America instead. The Asian nation bought itsfirst U.S. cargoesthis season just days before the summit in South Korea, and then madefurther purchasesafter the meeting. China bought more than $12 billion of American soybeans last year.
China’s trade envoy Li Chenggang blamed recent disruptions in this year’s agricultural trade on U.S. tariffs at a meeting Nov. 4 in Beijing with an American trade delegation. Both sides complement each other well and “have huge room for cooperation,” Li said.
However, U.S. soybeans are still likely to face a 13% Chinese import duty even after the tariff reduction, according to traders.
Beijing is also removing an additional 15% retaliatory levy on U.S. wheat, according to the finance ministry notice. A major Chinese buyer is currently seeking a shipment of the grain from the U.S., which would be purchase by the Asian nation in more than a year.
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“The halting of certain tariffs between China and the U.S. aligns with the fundamental interests of both countries and their people,” the ministry said in the notice. It “meets the expectations of the international community and will help push bilateral economic and trade relations to a higher level.”
The Chinese ministryconfirmedin a separate notice on Nov. 5 that the 24% tariff on all U.S. products will be suspended for a year, mirroring Trump’s executive order. The Chinese suspension will kick in at 1:01 p.m. in Beijing on Nov. 10.
