Recent U.S.-China tariff developments center on the September 2026 Trump-Xi summit and resulting Board of Trade framework, which recommended reciprocal cuts to most-favored-nation levels on roughly $30 billion in non-sensitive goods each way, alongside a trade truce extension into early 2027. These steps followed earlier pauses on triple-digit reciprocal tariffs and Section 122 measures, though core Section 301 duties (including 25% lists and strategic-sector increases up to 100% on EVs and semiconductors) plus a 12.5% forced-labor add-on remain in place. Average effective rates have eased from prior peaks near 36% but estimates place them near 20% even after announced adjustments, with further implementation dependent on domestic procedures and additional talks ahead of APEC and G20 meetings. Trader consensus on a 5–15% range by year-end reflects expectations of continued incremental de-escalation through negotiations rather than abrupt reversal of baseline protections.