President Trump has reportedly agreed to an overall 10% reduction of U.S. tariffs imposed on China products following a meeting with Chinese President Xi Jinping in South Korea today during which China agreed to crack down on fentanyl production and their exports.

In addition, China halted its new export licensing plan for rare earth metals.

As reported by International Trade Today (ITT) this morning, the Trump administration has also agreed to pause the U.S. fees imposed on Chinese-built and operated ships calling U.S. ports, while the two sides discuss "market-distorting subsidies in the shipbuilding sector."

We will continue to monitor this action by the Trump Administration and provide subsequent updates, including Customs and Border Protection (CBP) guidance, to our clients and readers as received.

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