US-China trade update: Beijing removes extra tariffs on American products
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China has announced the suspension of an additional 24% customs tariffs on American goods for a period of one year. The base 10% tariff will remain in effect, according to a report by Reuters.
The decision to suspend the tariffs was made following a meeting last week between Chinese President Xi Jinping and US President Donald Trump.
Decision of the tariff commission
According to the Tariff Commission of China’s State Council, the temporary suspension of the additional duties will take effect on November 10.
This move is seen as an attempt to stabilize trade relations between the world’s two largest economies after several years of tariff disputes.
Easing tariffs on agricultural products
At the same time, Beijing announced the removal of some tariffs on American agricultural goods, up to 15%.
This step is particularly important for China’s domestic food market, as the US remains one of the largest suppliers of soybeans, corn, and meat.
Experts note that the easing of tariff policies could signal a gradual restoration of trade dialogue and a reduction of tensions between the two countries.
Context of the agreements
Negotiations between Beijing and Washington are taking place amid both sides’ desire to maintain economic balance and ensure access to key categories of goods.
The suspension of certain tariffs is seen as a compromise that will allow the countries to return to constructive talks and avoid further escalation of the trade conflict.
Meanwhile, US President Donald Trump announced a decision to reduce tariffs on Chinese goods by 10%, bringing the overall level of American tariffs to 47%. This move is viewed as a step toward partially easing trade pressure between Washington and Beijing.
Trump stated that the 50% tariffs on imports from India will remain in effect as long as New Delhi continues to purchase Russian oil, emphasizing that the US does not intend to reward partners who maintain economic ties with Moscow.
The US president also stressed that tariff policy is a key instrument for achieving peace, stating that tariffs help prevent wars and save millions of lives by giving Washington leverage over countries pursuing aggressive policies.
