China has said it would extend a suspension of additional tariffs on US goods for one year, making official an agreement reached in talks between presidents Xi Jinping and Donald Trump last week.
A statement published on Wednesday on the Ministry of Finance website, citing Beijing’s State Council, said that “for one year the 24 percent tariff on US goods will continue to be suspended, (and) a 10 percent tariff on US goods will remain”.
The statement said the pause follows “the consensus reached in the China–US economic and trade consultations” and would be effective from November 10.
The two leaders held talks in South Korea at the end of October that effectively extended a delicate truce for a year, after several rounds of trade negotiations in recent months.
Trump on Tuesday formalised an agreement that Washington would cut its additional tariffs on Chinese imports from 20 percent to 10 percent, also effective from November 10.
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Escalating tariffs
Temperatures have spiked between the world’s two biggest economies this year as Washington and Beijing imposed escalating tariffs on each other’s products.
At one point, duties on both sides reached prohibitive triple-digit levels, hampering trade.
The two have been engaged in an uneasy truce since, as top economic leaders met several times for talks in recent months, with tensions surging over export controls and other issues.
In a separate statement, China said it would “cease implementing the additional tariff measures” imposed in a March order hitting a list of American farm products.
That move was a response to Trump doubling additional tariffs on Chinese goods over Beijing’s handling of fentanyl — now back to 10 percent starting next week.