US President Donald formalizes fentanyl, reciprocal tariff cuts in US-China deal

FXStreetNov 5, 2025 12:27 AM

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US President Donald Trump announced a cut to fentanyl-related tariffs on imports from China, lowering the rate from 20% to 10%, and the continued freeze of some of his reciprocal levies on Chinese goods, Bloomberg reported on late Tuesday.

The moves will go into effect on November 10 and follow an agreement reached at the October summit in South Korea aimed at easing tensions between the world’s two largest economies.

Market reaction

At the time of writing, the AUD/USD pair is trading around 0.6490, down 0.74% on the day.

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