Labor & Employment Law Daily Wrap Up, VITAL BRIEFING—Tariff truce to rage on after Xi, Trump meeting, (Nov 3, 2025)
While Trump declared his one hour and forty minute meeting with President Xi “amazing” and a “12” on a scale of 10, the two leaders essentially rolled back trade terms to levels they had agreed to in May, which had staved off dueling tariff escalations at the time.
In this installment of Tariffs Insights, Thomas Thompson provides a comprehensive summary of the recent meeting between Donald Trump and Xi Jinpeng in Busan, South Korea, where the parties agreed to quell heightened and escalating tensions between their two countries for the time being. However, the leaders pushed off discussions that would address fundamental trade issues between U.S. and China for yet another day.
Some of the items Thompson reports on and explores in this piece include:
The U.S. decision to reduce fentanyl-linked tariff on Chinese imports to 10 percent in recognition of their efforts to combat illicit exports.
The Chinese decision to suspend the latest export controls on rare earth minerals imposed on the U.S., though China elected to keep in place looser but still controversial restrictions on rare earths enacted earlier in the year.
China’s commitment to restore purchases of U.S. soybeans, which Treasury Secretary Scott Bessent indicated includes an agreement for the Chinese to buy 25 million metric tons from each of the next three U.S. soybean harvests.
China’s aggressive pursuit of multilateral trade agreements, especially in the Asian -Pacific region, which advances Chinese objectives for expanded trade and greater diversification.
Joint efforts to resolve longstanding issues related to the ownership and control of the TikTok social media platform.
To read the article, click Tariff truce to rage on after Xi, Trump meeting.
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