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China, US reaffirm trade commitments with tariff cuts, pauses on export controls

( October 30, 2025, 08:02 GMT | Official Statement) -- MLex Summary: China’s Commerce Ministry said Thursday that trade teams from Beijing and Washington reaffirmed recent commitments made during consultations in Kuala Lumpur, after Chinese President Xi Jinping met US President Donald Trump Thursday in Busan, South Korea. The US agreed to cut its so-called fentanyl tariffs to 10 percent on China, while both sides extended the suspension of a 24 percent duty for another year. Washington will also pause its newly announced “50 percent” export-control measures, as well as its measures targeting the Section 301 maritime sector investigation for one year, with China suspending related countermeasures announced on Oct. 9 on critical minerals' export controls and US vessels. Other outcomes included expanded agricultural trade, cooperation on fentanyl controls, and progress on business disputes — including TikTok-related issues — the ministry said.The statement follows:...

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