US EditionChina confirms suspension of 24% tariff on US goods, retains 10% levy
- Effective Nov 10, China's State Council tariff commission said it will suspend its additional tariff on U.S. goods for one year while retaining a 10% levy, the Ministry of Finance said.
- The decision follows the consensus reached in the China‑US economic and trade consultations, as top economic leaders met several times in recent months to set the stage.
- China's Ministry of Finance said it will halt retaliatory tariffs on U.S. agricultural products including soybeans, corn, wheat, sorghum, and chicken starting Monday.
- The development supports the bullish case for risk assets, as easing trade tensions could remove a major source of uncertainty for the global economy and financial markets, with Bitcoin trading near the 50‑week simple moving average.
- In recent months, repeated rounds of talks set the stage for reciprocal moves as Washington formalised cuts to its additional tariffs on Chinese imports, after duties once reached prohibitive triple-digit levels.
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58 Articles
Markets continue to watch trade developments with China
“China says they will lower their retaliatory tariffs from 24% to 10% for one year starting Nov. 10; however, soybeans will still have a 13% tariff,” Kevin Stockard, with CHS Hedging, said. “China has not confirmed the soybean purchase amounts…
China Suspends Tariffs on Some US Products Following Trump-Xi Meeting
China said on Nov. 5 that it will suspend retaliatory tariffs on U.S. imports following a meeting between U.S. President Donald Trump and Chinese Communist Party (CCP) leader Xi Jinping in South Korea last week. The tariff commission of China’s State Council said in a statement that it would suspend the 24 percent tariff imposed on U.S. goods in April for one year while keeping an additional 10 percent duty in place. Beijing said the move follow…
China announced on Wednesday a series of measures to ease trade tensions with the United States, including the suspension of some tariffs and restrictions, as part of the consensus reached last week by the presidents of both countries, Xi Jinping and Donald Trump, during their meeting in South Korea.
Washington, for its part, lowered a customs surcharge on many Chinese products from 20 to 10%.
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