President Trump and China’s President Xi met in South Korea earlier today, with trade and tariffs as key points of discussion. Below is a summary of the latest developments:
- Fentanyl-related tariff rate will be reduced to 10%. Note: Other applicable tariffs (including Section 301) would continue to apply on top of this rate, but the reduction would lower the overall tariff burden on affected China-origin goods
- China’s restrictions on rare earth mineral exports have been suspended
- China has agreed to increase purchases of US agricultural products
- The framework is not yet final – the agreement is expected to apply for up to one year and be reviewed annually
At this time, there is no announced effective date for the Fentanyl-related tariff reduction. Until implementation guidance is issued, goods arriving into the US will continue to be assessed at the current 20% rate, plus any other applicable tariffs.
If the rate change moves forward, we are prepared to support any updates to your tariff treatment and entry filings.
We will continue to monitor this situation and await the official implementation communication. If you have questions on this or any logistics topic, please contact your local office. for support.
