China will begin easing an export ban on automotive computer chips vital to production of cars across the world as part of a trade deal struck between the US and China, the White House has said.

The White House confirmed details of the deal in a new fact sheet after Xi Jinping and Donald Trump met in South Korea this week.

The nations also reached agreements on US soybean exports, the supply of rare earth minerals, and the materials used in production of the drug fentanyl.

The deal de-escalates a trade war between the world’s two largest economies after Trump hit China with tariffs after he entered office this year, leading to rounds of retaliatory tariffs and global business uncertainty.

Chinese Embassy in Washington spokesman Liu Pengyu told the BBC in a statement that details of the agreements reached had been shared by “competent authorities”.

“China-US economic and trade relations are mutually beneficial in nature,” he said.

“As President Xi Jinping noted, the business relationship should continue to serve as the anchor and driving force for China-US relations, not a stumbling block or a point of friction.”

Speaking on Sunday following the release of the deal details, Treasury Secretary Scott Bessent told CNN: “We don’t want to decouple from China… (But) they’ve shown themselves to be an unreliable partner.”

Much of what is in Saturday’s fact sheet was announced by Trump and other officials following the meeting between the two leaders.

Trump had described the talks, held in South Korea, as “amazing”, while Beijing had said they had reached a consensus to resolve “major trade issues”.

One of the issues addressed in the deal was the export of automotive computer chips. There had been concern that a lack of chips from Nexperia, which has production facilities in China, could create global supply chain issues.

Nexperia is a Chinese-owned company, but is based in the Netherlands. About 70% of Nexperia chips made in Europe are sent to China to be completed and re-exported to other countries.

The fact sheet states that China will “take appropriate measures to ensure the resumption of trade from Nexperia’s facilities in China, allowing production of critical legacy chips to flow to the rest of the world”.

It follows Beijing saying on Saturday that it was considering exempting some firms from the ban.

Last month, the likes of Volvo Cars and Volkswagen warned a chip shortage could lead to temporary shutdowns at their plants, and Jaguar Land Rover said the lack of chips posed a threat to their business.

On other key issues, Beijing will now pause export controls it brought in last month on rare earth minerals – vital in the production of cars, planes and weapons – for a year.

The White House also said it would lower tariffs brought in to curb the import of fentanyl into the US, with China agreeing to take “significant measures” to deal with the issue.

Fentanyl is a synthetic drug manufactured from a combination of chemicals, and while it is approved for medical use in the US, the powerful and highly-addictive substance has since become the main drug responsible for opioid overdose deaths in the US.

The chemicals used in its manufacturing, some of which have legitimate uses, are mostly sourced from China.

On soybeans, China has committed to buying 12 million tonnes of US soybeans in the last two months of 2025, and 25 million metric tonnes in each of the following three years – which is roughly the level they were previously at.

China’s decision to stop purchasing soybeans from the US earlier this year denied American farmers access to their largest export market.

In response, Trump revived a bailout for farmers which was in place during his first term in office.

The National Company Law Appellate Tribunal (NCLAT) has ruled that the Competition Commission of India (CCI) does not have the power to investigate disputes related to patented products, holding that the Patent Act takes precedence over the Competition Act in such cases, PTI reported.Dismissing an appeal against a CCI order that had closed a complaint against Swiss pharma major Vifor International (AG), a two-member NCLAT bench said that the fair trade regulator lacks jurisdiction to examine such matters, PTI reported.“Considering the judgment of the Delhi High Court in the case of Telefonaktiebolaget LM Ericsson (PUBL) and the Supreme Court in SLP No. 25026/2023, it is apparent that the CCI lacks the power to examine the allegations made against Vifor International (AG),” the tribunal observed.Vifor International held the patent for Ferric Carboxymaltose (FCM) injection, a drug used to treat Iron Deficiency Anaemia (IDA). The tribunal stated: “The Patent Act will prevail over the Competition Act in the facts of this case, as the subject matter of contention is FCM, which was developed and patented by Respondent No. 2 (Vifor International).”NCLAT noted that Section 3(5) of the Competition Act provides specific protection to patent holders to restrain infringement or impose reasonable conditions to safeguard their rights. “The Competition Act, in Section 3(5), has laid down that the Act will not restrict the right of any person in protecting his rights under the Patent Act,” it said.The appeal was filed by Swapan Dey, CEO of a hospital offering free dialysis services under the Pradhan Mantri National Dialysis Programme (PMNDP). Dey alleged that Vifor’s “anti-competitive and abusive conduct” had made FCM injections unaffordable and inaccessible to patients.However, the CCI had closed the case in its October 25, 2022 order, finding no prima facie contravention under Sections 3(4) or 4 of the Competition Act. Dey then challenged the order before NCLAT, arguing that the CCI failed to properly define the relevant market or assess Vifor’s dominance.Vifor countered the claim, asserting that the CCI lacked jurisdiction since the matter involved a patented molecule governed by the Patent Act. The company also informed the tribunal that its patent for FCM, granted on June 25, 2008, had expired on October 21, 2023, making it freely available for manufacturing and sale.NCLAT held that while the patent’s expiry meant the drug had entered the public domain, the key question was jurisdiction—whether CCI could have examined the issue when the product was still under patent protection.Citing the Delhi High Court’s earlier decision in Telefonaktiebolaget LM Ericsson (PUBL), which held that the Patent Act overrides the Competition Act, the tribunal noted that the Supreme Court had upheld that position by dismissing CCI’s appeal on September 2, 2025.“Following the judicial guidance as noted above, we hold that there is no merit in this appeal. Accordingly, the appeal is dismissed,” NCLAT concluded.

India’s exports to the US plunged 37.5% between May and September 2025 as sweeping tariff hikes by the Trump administration squeezed margins across major sectors, according to a report by India-based trade think tank Global Trade Research Initiative (GTRI), ANI reported.The US, India’s largest export market, saw shipments fall from $8.8 billion to $5.5 billion over the five-month period, marking one of the steepest short-term declines in recent years, GTRI said in its analysis. The study assessed India’s export performance from May to September 2025 to gauge the fallout from US tariffs imposed starting April 2.

According to GTRI, the duties began at 10%, rose to 25% by August 7, and hit 50% by late August for Indian products. Tariff-free goods—making up nearly one-third of India’s total shipments—saw the steepest contraction, plunging 47% from $3.4 billion in May to $1.8 billion in September.“Smartphones and pharmaceuticals were the biggest casualties,” GTRI said. Smartphone exports, which had surged 197% in the same period a year earlier, crashed 58% from $2.29 billion in May to $884.6 million in September. Shipments fell consistently each month, and GTRI noted, “The reasons for decline are not known and need examination.”Pharmaceutical exports dropped 15.7%, from $745.6 million to $628.3 million, while industrial metals and auto parts—subject to uniform tariffs globally—recorded a milder 16.7% dip. Within that category, aluminium exports fell 37%, copper 25%, auto parts 12%, and iron and steel 8%.“Because all global suppliers faced similar duties, the dip appears linked more to a slowdown in US industrial activity than to any loss in Indian competitiveness,” GTRI said.Labour-intensive sectors such as textiles, gems and jewellery, chemicals, agri-foods, and machinery—which together make up nearly 60% of India’s US exports—recorded a 33% fall, from $4.8 billion in May to $3.2 billion in September. Gems and jewellery exports plunged 59.5%, from $500.2 million to $202.8 million, as Thailand and Vietnam captured lost US orders.Solar panel exports fell 60.8%, from $202.6 million to $79.4 million, undermining India’s renewable energy export edge. “With China facing only 30% tariffs and Vietnam 20%, India’s competitiveness has sharply deteriorated,” GTRI noted.The report also pointed to declines in chemicals, marine and seafood, textiles, and agri and processed food exports. “Exporters are urging the government to respond swiftly,” it added, suggesting priority measures such as enhanced interest-equalisation support, faster duty remission, and emergency credit lines for MSME exporters.Without urgent policy intervention, GTRI warned, India risks losing market share to Vietnam, Mexico, and China even in sectors where it previously held a strong position. “The latest data make one point clear: tariffs have not only squeezed India’s trade margins but also exposed structural vulnerabilities across key export industries,” the think tank concluded.