Updated : 2025-11-10 23:24:13 KST
The long-awaited truce in the prolonged trade war between the United States and China took effect today. The move follows the summit between U.S. President Donald Trump and Chinese President Xi Jinping held in South Korea's port city of Busan two weeks ago. Song Yoo-jin reports. The heated trade tensions between the world's two largest economies appear to be entering a temporary cooling phase.
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Starting Monday, the United States has halved its fentanyl-related tariffs on Chinese imports, from 20 percent to 10 percent. President Donald Trump made the announcement aboard Air Force One following his October summit with Chinese President Xi Jinping in Busan. The agreement finalized the framework set by negotiators in Kuala Lumpur just days before that high-stakes meeting. "I put a 20 percent tariff on China because of the fentanyl coming in, which is a big tariff.
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halve [hæv] 반으로 줄다[줄이다]
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And based on his statements today, I reduced it by 10 percent. So it's 10 percent instead of 20 percent, effective immediately. I believe he's going to work very hard to stop the death that's coming in." With this, the overall U.S. tariff rate on Chinese goods will fall to roughly 47 percent from 57 percent. In return, Beijing is suspending its new export controls on rare earths for one year critical materials used in electric vehicles, smartphones, and military hardware.
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It has also suspended retaliatory tariffs on U.S. agricultural products, including soybeans and pork, in response to Washington's fentanyl-related measures. In addition, the two sides have extended their mutual reciprocal tariff suspension for another year, which was due to expire this month. "The main consensus reached during the economic and trade consultations in Kuala Lumpur (between China and the United States) pertains to the U.S. (Section) 301 (probe) measures against China's maritime, logistics, and shipbuilding industries, as well as the extension of the suspension period for reciprocal tariffs."
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This has brought good news for South Korea as well. On Monday, China's Commerce Ministry announced a one-year suspension of sanctions on five U.S.-based subsidiaries of Hanwha Ocean. Last month, the ministry had barred Chinese organizations and individuals from doing business with these companies, accusing them of supporting the U.S. government's Section 301 probe into China. Song Yoo-jin, Arirang News.
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https://m.arirang.com/news/view?id=289121