China has extended a suspension on some additional import tariffs for U.S. goods, maintaining a 10% rate, following a similar move by the United States to de-escalate a protracted trade dispute.
The Chinese Ministry of Finance announced the Cabinet’s decision to prolong the suspension of the 24% additional import tariff on American products for another year. This measure will leave a 10% import tariff in place.
The extension, effective November 10, aligns with a “consensus reached in China-U.S. economic and trade discussions,” according to a statement on the ministry’s website.
This move mirrors an action taken by the United States last week. President Donald Trump formally endorsed an agreement to reduce additional import tariffs on Chinese goods from 20% to 10%, also effective November 10.
The coordinated de-escalation follows recent talks between Chinese President Xi Jinping and U.S. President Donald Trump in South Korea. Those discussions resulted in a one-year extension of a fragile trade truce between the world’s two largest economies.
Trade tensions between the two nations escalated significantly this year, with both sides imposing increasingly higher retaliatory tariffs. At one point, import duties reached triple-digit levels, severely impeding global commerce.
Despite the recent steps to ease tensions and multiple high-level economic meetings in recent months, an uneasy truce persists. Underlying disagreements, including those concerning export controls, continue to fuel tensions.
In a separate announcement, Beijing also stated it would eliminate a 15% tariff on certain U.S. agricultural products, specifically naming soybeans among them.