During a meeting in South Korea, the U.S. and China agreed to reduce tariffs and address trade priorities. The U.S. will lower tariffs on fentanyl-related imports from China to 10% and extend a pause on reciprocal tariffs for a year. Despite these reductions, the overall duty on Chinese goods remains around 47%. Additionally, the U.S. will suspend its investigation into China’s maritime sector, and China will pause export controls on rare earths. Both nations plan to renegotiate these provisions annually to resolve ongoing trade issues.

Source: https://www.supplychaindive.com/news/us-china-trade-truce-donald-trump-xi-jinping-apec/804233/