On Thursday, Oct. 30, in South Korea, President Donald J. Trump met with Chinese President Xi Jinping for what the White House described as a “truly great” meeting. During their discussions, the two leaders outlined a series of trade commitments intended to ease bilateral tensions and strengthen economic cooperation between the United States and China.
Following the meeting, on Saturday, Nov. 1, the White House released a Fact Sheet summarizing their discussions. As of Monday, Nov. 3, no official documentation has been issued to formally implement the proposed measures.
United States
- The United States will reduce the International Emergency Economic Powers Act (IEEPA) tariffs on Chinese imports, originally imposed to address fentanyl-related concerns, to 10% effective Nov. 10. It will also maintain the suspension of higher reciprocal IEEPA tariffs on Chinese imports until Nov. 10. The existing 10% reciprocal tariff will remain in effect during this suspension period.
- The United States will extend the expiration date of certain Section 301 tariff exclusions currently set to expire on Nov. 29 through Nov. 10, 2026.
- The United States will suspend for one year, beginning Nov. 10, the implementation of responsive measures related to the Section 301 investigation into China’s targeting of the maritime, logistics and shipbuilding sectors.
China
- China will suspend the global implementation of the expansive new export controls on rare earth elements and related measures announced on Oct. 9.
- China will suspend all retaliatory tariffs announced since March 4, and will also suspend or remove all retaliatory non-tariff countermeasures implemented against the United States since that date.
- China has committed to purchasing at least 12 million metric tons (MMT) of U.S. soybeans during the final two months of 2025, and a minimum of 25 MMT annually in 2026, 2027 and 2028.
- China will also remove the measures imposed in response to the United States’ Section 301 investigation into China’s targeting of the maritime, logistics and shipbuilding sectors, including sanctions on U.S. and allied shipping entities.
- China will take significant actions to curb the flow of fentanyl to the United States.
The RV Industry Association (RVIA) continues to closely monitor developments related to the formal release of the proposed measures and update members accordingly. The latest information on tariffs can be found in the Association’s Tariff Tracker. Please contact Director of Federal Affairs Samantha Rocci at srocci@rvia.org with any questions.
