The Tariff Commission of the State Council announced that the Chinese government has decided to implement measures from the economic and trade consultations between China and the United States. The decision will take effect on November 10 at 1:01 PM (5:01 AM in Lisbon).
The statement, published on the Chinese Ministry of Finance’s website, states, “The 24% tariffs on American products remain suspended, and the 10% tariffs on American goods remain in place.” However, it does not detail the specific goods affected.
Additionally, China will cease applying additional tariffs on the import of American soybeans and other agricultural products starting November 10, as per another announcement on the ministry’s website. Some of these tariff rates reached as high as 15%.
This extension prolongs for 12 months the moratorium on the so-called “reciprocal tariffs” initially announced by Beijing in March, in response to tariffs imposed by Washington.
The announcement confirms the commitments made following a meeting between Chinese President Xi Jinping and U.S. President Donald Trump in Busan, South Korea, last Thursday.
During this meeting, the leaders agreed to a one-year trade truce, which includes tariff reductions, the resumption of agricultural trade, the suspension of Beijing’s controls on rare earth exports, and a temporary freeze on reciprocal port tariffs, among other measures.
This action aligns with the United States’ decision to lower average tariffs on Chinese products from 57% to 47%.
The world’s two largest economies have been engaged in a trade conflict for several years, involving mutual restrictions in strategic sectors such as microchips, rare earth elements, and maritime services.
