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Timely insights from the Economy, Strategy & Finance Center
Last week’s trade talks and resulting one-year truce with China is key for several industries that have experienced steep drops in business activity. This year’s tariffs have resulted in a nearly 20% reduction in trade between the US and China, when comparing the first seven months of 2025 over 2024.
In the announced framework, China agreed to resume purchases of US soybeans and suspended for one-year restrictions on rare earth minerals announced earlier in October, while the US agreed to reduce tariffs, paused port fees on Chinese ships docking at US ports, and delayed export controls affecting certain Chinese companies. The President also announced he would lower the fentanyl-related tariffs on China from 20% to 10%, reducing the overall effective tariff rate on Chinese goods from 57% to 47%. Both sides also agreed to extend for a year a pause on imposing additional tariffs.
Why it matters: This deal will help stabilize the steep drop in trade experienced so far in 2025 between the two countries. US imports from China decreased 18% to $206 billion and exports to China decreased 20% to $68 billion when comparing 2025 d
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