Following a historic summit between President Trump and Chinese President Xi Jinping in South Korea on October 30, the U.S. announced an immediate reduction in fentanyl-related tariffs on Chinese imports in exchange for China’s cooperation in restricting fentanyl precursor chemicals.

Under the new terms, the U.S. will halve its fentanyl-related tariff on Chinese goods from 20% to 10%. Effective immediately, the combined tariff rate on Chinese toy imports will be 20% — consisting of 10% fentanyl-related and 10% reciprocal tariffs. U.S. Customs and Border Protection is expected to issue guidance on Wednesday, November 5; The Toy Association will alert members when this information is available. 

Additionally, both countries agreed to pause reciprocal port fees for 12 months as part of efforts to stabilize trade relations. While no formal trade agreement has been signed, both governments indicated that a finalized deal could be announced in the coming weeks.

The Toy Association is closely monitoring the situation and will continue to update members as new information becomes available.