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Trade War Monitor, Nov. 3: Sweeping Truce Pauses U.S.-China Economic Conflict

Published: Nov. 4, 2025 3:32 a.m. GMT+8

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After months of escalating tariffs and rising geopolitical anxiety, a whirlwind of diplomacy has pulled the world’s two largest economies back from the brink. Following a high-stakes summit in South Korea, U.S. President Donald Trump and Chinese President Xi Jinping hammered out a broad and surprisingly comprehensive truce, pausing what had become a punishing, multi-front trade war.

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The U.S. and China agreed to a broad truce: the U.S. lowered tariffs on Chinese goods and paused export restrictions, while China pledged to crack down on fentanyl trafficking and buy at least 25 million tons of U.S. soybeans annually through 2028.
Both sides suspended new export curbs on critical minerals and punitive port fees for one year, easing pressure on global supply chains and shipping.
Prospects for a large-scale U.S.-China energy deal remain uncertain due to ongoing geopolitical risks.

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What Happened When

March 4, 2025：: China announced retaliatory duties on U.S. farm goods, which were later suspended as part of the truce.

October 30, 2025：: Chinese President Xi Jinping and U.S. President Donald Trump met in Busan, South Korea, to discuss the trade conflict.

November 1, 2025：: The White House released a fact sheet stating that Beijing would suspend all retaliatory duties announced since March 4, 2025, and would resume major purchases of U.S. agricultural products.

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