President Trump has reportedly agreed to an overall 10% reduction in U.S. tariffs on Chinese goods following a meeting with Chinese President Xi Jinping in South Korea today, during which China agreed to crack down on the production and export of fentanyl.

In addition, China has halted its new export licensing plan for rare earth metals.

The Trump administration has also agreed to pause the U.S. fees imposed on Chinese-built and operated ships calling at U.S. ports, while the two sides discuss “market-distorting subsidies in the shipbuilding sector.”

RIM logistics, ltd. will continue to closely monitor this evolving situation and provide updates as necessary. Please reach out to your RIM representative if you have any further questions.