China extends suspension of additional 24% tariffs on US goods
China announced Wednesday it would extend for a year the suspension of additional 24% tariffs on a number of US goods, while maintaining overall tariffs at 10%, in a new conciliatory gesture between the world’s two largest economies.
Less than a week after the summit between US President Donald Trump and Chinese President Xi Jinping, a statement posted on the Ministry of Finance website, quoting the State Council, said that “the suspension of the 24% tariffs on US goods will continue for a year, and the 10% tariffs on US goods will remain in place.
The statement added that the suspension will take effect on November 10.
Another statement posted on the Chinese Ministry of Finance website said that China will suspend the application of additional tariffs of up to 15% imposed since March on soybeans and a range of other US agricultural products.
These decisions were announced the day after Trump signed an executive order reducing from 20% to 10% the steep tariffs imposed on a number of Chinese products, accusing China of failing to act to combat the smuggling of fentanyl and other opioids that are causing a serious health crisis in the United States.
