China says extends suspension of extra 24% tariff on US goods

Dubai: China said on Wednesday it would extend the suspension of an additional 24% tariff on US goods for one year, keeping a 10% blanket tariff in place.

A statement published on the Ministry of Finance website, citing Beijing's State Council, said that "for one year the 24% tariff on US goods will continue to be suspended, (and) a 10% tariff on US goods will remain".

The statement said the suspension follows "the consensus reached in the China–US economic and trade consultations" and would be effective from November 10.

Xi-Trump's tariff truce

Chinese leader Xi Jinping and US President Donald Trump held talks in South Korea last month that effectively extended a delicate truce for a year, after several rounds of trade talks in recent months.

Trump on Tuesday formalised an agreement that Washington would cut its additional tariffs on Chinese imports from 20% to 10%, also effective November 10.

Temperatures have spiked between the world's two biggest economies this year as Washington and Beijing slapped escalating tariffs on each other's products.

At one point, duties on both sides reached prohibitive triple-digit levels, hampering trade.

Both countries 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 lift tariffs of up to 15% on some US agricultural products including soybeans.