On November 5, 2025, following a Trump–Xi meeting at APEC in South Korea, China announced it will suspend a 24% retaliatory tariff on U.S. goods effective November 10, retaining a 10% "Liberation Day" levy and a 13% duty on soybeans; it will also remove export controls on 15 U.S. entities and suspend restrictions on 16 others for one year. The U.S. agreed to cut steep tariffs on Chinese imports from 145% to about 30% over three months, and U.S. officials said China committed to buying 12 million metric tons of soybeans by end‐2025 and 25 million annually through 2026–2028 (unverified by Beijing). Markets rallied on November 5. The truce should ease input costs, boost some export volumes and supply‐chain stability, but many measures are time‐bound and key issues remain unresolved, with enforcement and further negotiations to be watched into 2026.