Following the recent meeting between Presidents Xi and Trump, China’s State Council Tariff Commission announced a major move to stabilize bilateral trade. Effective immediately for one year, an additional 24% tariff on US goods will be suspended. The existing 10% tariff, however, remains in place. Furthermore, tariffs of up to 15% on key US agricultural products—including soybeans, corn, wheat, and pork—will be lifted starting November 10. This signals a concrete step toward de-escalation after years of trade friction.
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TRADE WAR UPDATE: China makes a significant move to ease tensions with the US!
🇨🇳 suspends its 24% additional tariff on US goods for one year.
BUT: A 10% levy will remain in place.
BIG WIN for US Farmers: Tariffs (up to 15%) on key US agricultural goods (like soybeans, pork, and wheat) will be lifted starting Nov 10.
This follows the Xi-Trump meeting last week and marks the biggest step toward stabilizing trade between the world’s two largest economies. #USTrade #China #Tariffs
Bilateral Trade Stabilizes: China Suspends Major US Tariff
In a clear bid to de-escalate economic friction, China’s State Council Tariff Commission has announced the immediate, one-year suspension of an additional 24% tariff on US goods. While a foundational 10% levy is retained, this suspension provides immediate relief for importers and exporters.
Crucially, as the world’s largest agricultural importer, China will also lift tariffs (up to 15%) on selected US agricultural products starting November 10, directly benefiting sectors hit hardest by the dispute, such as soybeans, pork, and corn. This decision follows high-level talks and signals an ongoing effort to improve long-term bilateral trade relations.
