China and the United States begin to implement the Kuala Lumpur Economic and Trade Consultation Consensus

Recently, China and the United States have successively adjusted multiple tariff or non-tariff measures, beginning to implement the consensus reached in the Kuala Lumpur economic and trade consultations between the two sides. On the 4th local time, the White House of the United States issued two consecutive presidential executive orders, announcing the cancellation of the 10% so-called "fentanyl tariff" imposed on Chinese goods from November 10, 2025, and the extension of the one-year suspension period for the 24% "equivalent tariff" imposed on Chinese goods. On the 5th, two Chinese departments successively released corresponding adjustment measures.

On the 5th, the Tariff Commission of the State Council issued two consecutive announcements, deciding to suspend the implementation of the 24% tariff rate on the United States and Canada for one year from 13:01 on November 10, 2025, and retain the 10% tariff rate on the United States and Canada. From the above time, the 15% tariff on imported chicken, wheat, corn, cotton originating in the United States, as well as the 10% tariff on sorghum, soybeans, pork, beef, aquatic products, etc., will be suspended. The State Council Tariff Commission stated in its announcement that the continued suspension of some bilateral tariffs imposed by China and the United States is conducive to promoting the healthy, stable, and sustainable development of China US economic and trade relations, benefiting the people of both countries, and promoting world prosperity.

On the afternoon of the 5th, the Chinese Ministry of Commerce announced in the form of answering questions from reporters that, in order to implement the Kuala Lumpur Economic and Trade Consultation Consensus between China and the United States, it has been decided to adjust the export control list measures and unreliable entity list measures taken on March 4th and April 4th against American companies from November 10th, 2025.

Huo Jianguo, Vice President of the China World Trade Organization Research Association, stated in an interview with Global Times on the 5th that after the Busan summit between the heads of state of China and the United States, China announced the consensus reached by the China US economic and trade team in Kuala Lumpur, stating that "the joint adjustment or cancellation of relevant tariffs and non-tariff measures between China and the United States is a concrete manifestation of implementing the important consensus reached at the summit.

Huo Jianguo said that the current implementation between the two sides is the consensus on the first aspect, which involves the US raising the "fentanyl tariff" and imposing "equivalent tariffs" on China on March 4th and April 4th, and China taking corresponding countermeasures. He stated that according to the consensus reached by both sides, the implementation of the results of future Sino US consultations will involve the US's "50% penetration rule" and relevant trade restriction measures related to the 301 investigation of China's maritime, logistics, and shipbuilding industries, as well as cooperation in fentanyl drug control and expanding agricultural product trade between the two sides.

Huo Jianguo told reporters that economy and trade are the "ballast stones" of China US relations, and their essence is mutual benefit and win-win. "It is inevitable for the world's two largest economies to have trade frictions, but when dealing with economic and trade relations, we should take big accounts, remain calm and rational, and focus on long-term interests.

Many foreign media outlets are highly concerned about the adjustment of tariffs between China and the United States, and have reported that this is a "good sign". According to Reuters on the 5th, investors on both sides of the Pacific breathed a sigh of relief when the US dollar leaders met in Busan, South Korea, easing concerns that the world's two largest economies may abandon negotiations to resolve the tariff war. Bloomberg commented on the 5th that the above measures are part of a broader trade agreement between China and the United States, which has stabilized the turbulent economic and trade relationship between the two sides.