Big reversal: US lifts 100% tariffs on China

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The two sides held constructive discussions and conducted candid, in-depth and constructive exchanges and consultations on important economic and trade issues of common concern such as the U.S. Section 301 measures on China's maritime logistics and shipbuilding industries, extension of the reciprocal tariff suspension period, fentanyl tariffs and law enforcement cooperation, agricultural product trade, and export controls, and reached a basic consensus on arrangements to resolve their respective concerns.Both parties agreed to further determine the specific details and implement their respective domestic approval procedures..

U.S. Treasury Secretary Scott Bessent said: "We have a very successful framework for the leaders of the two countries to discuss on Thursday." Original words: "I think we have a very successful framework for the leaders to discuss on Thursday."

Translation: "I think we provided a very successful framework for the two leaders to meet on Thursday."

Asked whether he would extend the tariff moratorium that expires on Nov. 10, 2025, Bessant said: "Coming out of this meeting I would say yes, but that is at the end of the day President Trump's decision."

Translation: ""Judging from the outcome of this meeting, my answer is "yes," but it ultimately depends on President Trump's decision. "

Trump told reporters on Air Force One flying to Malaysia that "immediate reduction of tariffs on China during his visit to Malaysia" was a possible option.

Bessant also said the U.S. may not continue to impose additional 100% tariffs on all Chinese goods. Judging from Bessent's tone, 100% tariffs have basically been ruled out. Trump previously threatened 100% tariffs to take effect on November 1, 2025.

Bessant confirmed in an interview with NBC that the leaders of both parties will talk directly. The emergence of fentanyl as an important topic (rarely mentioned in the first four negotiations) means that the United States may reduce or eliminate the 20% fentanyl tariff.

Trump is optimistic that a "comprehensive deal" will be reached when he meets with China in South Korea on Thursday. "I think we have a very good chance of getting a really comprehensive deal," Trump said.

Bessant said Trump is likely to visit China in early 2026, possibly before the Chinese New Year (February 17).

Bessent said that the two sides discussed the soybean procurement issue, but it needed confirmation from the leaders of both parties.