WSJ What’s News Trade Framework Emerges for the U.S. and China
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Oct 28, 2025 
Gavin Bade, a WSJ trade and economic policy reporter, dives into a proposed trade framework between the U.S. and China that could lead to a rollback of tariffs, exploring its implications for bilateral relations. Keach Hagey, who covers media and tech, discusses OpenAI's transition to a for-profit model, opening doors for fundraising and impacting its relationship with Microsoft. They also touch on the ramifications of UPS's significant job cuts and how this dynamic affects stock markets.
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Modest Tariff Rollback Expected
- The U.S. would cut tariffs on China by about 10 percentage points, halving some 20% levies to 10%.
- Gavin Bade says this lowers average U.S. tariffs on China from ~55% to ~45%, easing competitive pressure on Chinese goods.
Agriculture And Rare-Earths On The Table
- China would likely agree to buy more U.S. soybeans and agricultural goods as part of the framework.
- The deal may pause reciprocal rare-earth export controls for about a year, though enforcement details remain unclear.
Cooling Tensions, Not A Reset
- The framework would lower tensions but not fully normalize U.S.-China trade relations.
- Bade warns the test is whether any deal achieves more longevity than earlier, short-lived agreements.