Trump Signs Executive Order to Cut Tariffs on China by 10% Points, Effective from the 10th

Follow-up Measures After the US-China Agreement on October 30

The tariffs on Chinese goods imposed by the Donald Trump administration will be reduced by 10 percentage points starting November 10 (local time).

Yonhap News Agency

According to an executive order released by the White House on November 4, President Trump will implement a measure to lower the so-called "fentanyl tariff" on Chinese products from the previous 20% to 10%, effective from November 10. As a result, the Trump administration's tariff rate on Chinese goods will drop from 57% to 47% starting November 10.

After taking office in January this year, President Trump imposed a 20% "fentanyl tariff" on Chinese imports, citing China's lack of active cooperation in blocking the inflow of fentanyl, a type of synthetic drug, into the United States.

However, after a meeting with Chinese President Xi Jinping held in Busan on October 30, President Trump announced that China had agreed to cooperate in blocking the inflow of fentanyl precursor substances into the United States. Accordingly, the United States will lower the so-called "fentanyl tariff" applied to China from the previous 20% to 10%.

In addition, a measure to extend the "truce" in the US-China tariff war-which saw both sides impose ultra-high tariffs of over 100% on each other's goods last April-by one year will also take effect from November 10. At the US-China high-level talks in May, the United States agreed to cancel 91% of the additional 125% tariffs imposed on Chinese goods and defer the remaining 24% for 90 days. In August, both sides extended this deferral by another 90 days, and at the recent US-China summit, they agreed to extend it for an additional year.