China Extends Suspension of Extra Tariffs on US Goods

In a move signalling continued restraint amid delicate trade ties, China announced on Wednesday that it would extend the suspension of an additional 24% tariff on US goods for another year, maintaining an existing 10% blanket tariff instead.

The decision, published on the Ministry of Finance website and attributed to Beijing’s State Council, confirmed that the suspension would take effect from November 10, reflecting the “consensus reached in the China–US economic and trade consultations.”

The extension follows a recent understanding between Chinese President Xi Jinping and US President Donald Trump, who met in South Korea last month. Their meeting helped preserve a one-year trade truce after several rounds of high-stakes discussions over tariffs, export controls, and technology access.

In a reciprocal move, Washington this week formalised a reduction in its additional tariffs on Chinese imports—cutting them from 20% to 10%, also effective from November 10.

Trade tensions between the world’s two largest economies have flared repeatedly this year, with both sides imposing escalating tariffs that at one stage reached triple-digit levels, severely impacting bilateral commerce.

Despite the volatility, both governments have cautiously maintained dialogue through a series of meetings in recent months. The latest announcements suggest that Beijing and Washington are working to prevent a new escalation, even as disagreements linger over export restrictions and strategic industries.

In a separate statement, China also revealed plans to remove tariffs of up to 15% on selected US agricultural products such as soybeans — a move seen as a goodwill gesture to stabilise the flow of essential commodities between the two markets.

As the one-year suspension takes effect, global traders are watching closely to see whether this fragile calm can evolve into lasting economic cooperation between the two powers.