China will effectively suspend implementation of additional export controls on rare earth metals and terminate investigations targeting U.S. companies in the semiconductor supply chain, the White House announced.

The White House issued a fact sheet on November 1, outlining some details of the trade pact agreed to earlier this week by President Donald Trump and Chinese leader Xi Jinping that aimed to ease tensions between the world’s largest economies.

Under the deal, China will issue “general licenses” valid for exports of rare earths, gallium, germanium, antimony and graphite “for the benefit of U.S. end users and their suppliers around the world,” meaning the “de facto removal” of controls Beijing imposed in April 2025 and October 2022, the White House said. The U.S. and China previously said Beijing would suspend more restrictive controls announced in October 2025 for one year.

China has used the term general licenses to refer to provisions under its export-control regime that allow repeated shipments over a period of time to pre-approved buyers. Three of the metals listed — gallium, germanium and antimony — were subject to a total ban on exports to the U.S. from December 2024, after their earlier inclusion under export controls.

The framework also states that China will terminate its antitrust, anti-monopoly and anti-dumping investigations into US chip companies, including those into Nvidia Corp. and Qualcomm Inc., according to a U.S. official, who spoke on condition of anonymity.

Washington will also pause some of Trump’s so-called reciprocal tariffs on China for an additional year and is halting plans to implement a 100% tariff on Chinese exports to the U.S. that was threatened for November. The White House also said that the U.S. will further extend the expiration of certain Section 301 tariff exclusions, currently due to expire on November 29, 2025, until November 10, 2026.

The Chinese Embassy in Washington did not immediately respond to a request for comment on November 1. 

U.S. Treasury Secretary Scott Bessent said on November 2 that, despite deals, the U.S. and its allies need to be wary of China. 

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“This is a problem that has been with us for several decades, it’s never been addressed with these rare earths, the rare earth magnets,” Bessent said on Fox News Sunday. “The Chinese have cornered the market and, unfortunately, at times, they proved to be unreliable partners.” 

Bessent added that he hoped “we can depend on them to be more reliable partners” after the implementation of the deal. 

The landmark summit between Trump and Xi, their first face-to-face meeting of the U.S. president’s second term, saw the leaders stabilize relations in the short term after an escalating trade fight that had roiled markets and sparked fears of a global downturn.

Under their agreement, according to the White House, China agreed to pause sweeping controls on rare-earth magnets in exchange for a U.S. agreement to roll back an expansion of curbs on Chinese companies. China had used its dominance in the processing of rare-earth minerals as leverage, threatening to restrict their flow to the U.S. and allies countries.

The U.S. also agreed to halve a fentanyl-related tariff to 10% from 20%, while Beijing will resume purchases of American soybeans and other agricultural products. The U.S. has said China will buy 12 million metric tons of soybeans during the current season, and a minimum of 25 million metric tons a year for the next three years. On October 31, Trump he would like to remove all of the fentanyl-related tariffs if China continued to crack down on exports of the drug and precursor chemicals used to make it. 

“As soon as we see that, we’ll get rid of the other 10%,” Trump told reporters aboard Air Force One on October 31. 

The U.S. also said on Saturday that Beijing will take steps to allow the Chinese facilities of Dutch chipmaker Nexperia BV to resume shipments, confirming a Bloomberg report from a day earlier. This move will likely ease worries about chip shipments that had threatened auto production, as a trade fight between China and the U.S. escalated.

But while the agreement has calmed tensions, the pact may be a short-term truce in an extended trade fight, with the measures just meant to last one year. And despite addressing some key issues — and with both sides winning key concessions — the agreement fails to comprehensively address all of the issues at the heart of the U.S.-China trade fight and other geopolitical flashpoints such as Taiwan and Russia’s war in Ukraine.

Trump has signed off on a plan that would see an American consortium buy the U.S. operations of ByteDance Ltd.’s TikTok app, but Beijing has yet to formally approve that sale. The U.S. president has also said there would be cooperation on energy, saying that China had agreed to purchases oil and gas from Alaska.