Trump issues orders for some tariff cuts as agreed on with Xi

US President Donald Trump has announced a cut in fentanyl-related tariffs on imports from China and the continued freeze of some of his reciprocal levies on Chinese goods, formalising key elements of the sweeping trade deal struck with Chinese leader Xi Jinping.

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The moves, made in a pair of executive orders issued on Nov 4, go into effect on Nov 10.

The fentanyl tariff rate will be halved from 20 per cent to 10 per cent, while Mr Trump has also extended for a year a truce that saw him reduce his reciprocal tariff rate from 34 per cent to 10 per cent.

The extension follows Mr Trump’s October summit with Mr Xi in South Korea, where the two leaders sought to stabilise trade between the world’s two largest economies following escalating levies and export curbs.

The reduced rates mark a significant concession to China.

They are part of a broader pact between Mr Trump and Mr Xi that will ease trade restrictions following months of spiralling tariff announcements and export curbs between the two countries.

Mr Trump cited China’s pledge to remove export controls on rare earth elements and other critical minerals and address retaliation against US semiconductor manufacturers in explaining his decision to further extend the tariff pause.