China has announced a one-year suspension of its 24 percent tariffs on US goods while retaining a 10 percent levy on selected products. The move, confirmed by the State Council’s tariff commission, signals a step toward easing trade tensions between the two major economies.
The decision follows a meeting between Chinese President Xi Jinping and US President Donald Trump on the sidelines of the APEC CEO Summit in South Korea, where both leaders expressed optimism about reaching a new trade understanding. In addition, China plans to remove tariffs of up to 15 percent on certain US agricultural goods starting November 10, offering relief to exporters affected by the prolonged tariff dispute.
The trade thaw comes after months of escalating measures that strained bilateral relations. Earlier this year, both nations exchanged steep tariffs that reached over 100 percent on some products. Recent talks in Geneva led to a temporary truce, paving the way for this latest gesture from Beijing.
Officials from both sides have indicated that negotiations will continue in the coming months, with the aim of establishing a more stable and mutually beneficial trade framework.