China on Wednesday announced it will suspend a 24% additional tariff on U.S. goods for one year while maintaining a 10% levy.
According to the State Council’s Tariff Commission, the suspension aims to stabilize bilateral trade relations and support economic recovery.
The decision comes as both nations signal willingness to cooperate on trade issues after years of tariff disputes.
Agricultural tariffs also eased
China, the world’s top agricultural buyer, also announced plans to lift certain tariffs of up to 15% on U.S. agricultural goods starting November 10.
Analysts say the move could boost imports of key commodities such as soybeans, corn, and meat, benefiting both U.S. farmers and Chinese consumers amid rising food prices.
The announcement follows a high-level meeting between Xi and Trump last week, where both leaders discussed trade, technology, and regional stability.
While no major deal was signed, the dialogue marked a renewed effort to reduce friction between the world’s two largest economies.
