China to Roll Back Some Export Curbs, Commerce Ministry Says

China said it would roll back some countermeasures against U.S. tariffs and investigations launched earlier this year, after leaders from the world's two biggest economies met in South Korea to push for a trade detente.

The Chinese commerce ministry said in a statement Thursday that the U.S. decided to lower a fentanyl-related duty on Chinese goods to 10% and to continue a pause on another 24% tariff for one year that would have ended next month. In response, China would adjust countermeasures undertaken for one year. The two sides also plan to extend certain tariff-exclusion measures, the ministry said.

Washington also agreed to pause for one year a rule it had announced in September to apply export restrictions to certain subsidiaries owned by blacklisted Chinese entities, according to the Chinese ministry. Meanwhile, China would suspend its export control measures on rare earths, announced earlier this month, for one year, the ministry said.

The ministry said the U.S. will suspend its Section 301 investigations against China's maritime, logistics and shipbuilding industries for one year. Following the suspension, China will suspend its relevant countermeasures against the U.S. for one year, the ministry added.

Both sides also reached consensus on issues such as cooperation in fentanyl control, expanding agricultural trade and handling individual cases involving relevant companies, according to the ministry. The U.S. side has made positive commitments in areas including investment, and China agreed to work with the U.S. to properly resolve the TikTok issue, according to the statement.

After President Trump wrapped up his meeting with Chinese leader Xi Jinping, he said China would buy "tremendous" amounts of American soybeans.

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(END) Dow Jones Newswires

October 30, 2025 04:28 ET (08:28 GMT)