China to Suspend Some Tariffs on U.S. Goods
China said it will suspend some tariffs on U.S. imports, including additional duties on agricultural products, as part of a trade truce reached at the Trump-Xi summit last month.
China will extend the suspension of a 24% tariff on certain U.S. goods for another year, while retaining a 10% duty, the Customs Tariff Commission of the State Council said in a statement on Wednesday.
In a separate statement, the commission said it will also suspend tariffs of up to 15% on U.S. agricultural products, including soybeans, that were imposed in March in retaliation against Washington's fentanyl-related levy.
The measures will take effect Nov. 10th and follow the meeting between U.S. President Trump and Chinese leader Xi Jinping in South Korea--their first in six years--which resulted in a temporary easing of trade tensions between the world's largest economies.
At that meeting, the two sides agreed on a reduction in U.S. tariffs on Chinese goods in exchange for Beijing's pledge to curb the trade in chemicals used to produce fentanyl. China also promised to ease restrictions on rare-earth exports and to purchase what Trump described as "tremendous amounts" of American soybeans.
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(END) Dow Jones Newswires
November 05, 2025 00:13 ET (05:13 GMT)
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