China Temporarily Lifted Additional Tariffs On U.S. Goods

The decision was taken after a meeting of the heads of state.

China announced the suspension of additional 24% duties on American goods for one year. At the same time, the basic 10% tariff restriction will remain in place.

According to Reuters.

The decision to suspend the duties comes after Chinese President Si Jinping met with U.S. President Donald Trump last week.

The tariff commission's decision

The tariff commission of China's State Council said the temporary lifting of additional fees will take effect from Nov. 10.

The move is seen as an attempt to stabilize trade relations between the world's two largest economies after years of tariff confrontation.

Allowance of duties on agricultural products

At the same time, Beijing said it was lifting some duties on U.S. agricultural goods - up to 15%.

The move is particularly important for China's domestic food market, as the U.S. remains one of the largest suppliers of soybeans, corn and meat.

Experts say the easing of tariff policy could signal a gradual restoration of trade dialog and a reduction in tensions between the two countries.

Context of the agreements

The talks between Beijing and Washington come amid both sides' desire to maintain economic balance and ensure access to key categories of goods.

The suspension of part of the tariffs is seen as a compromise solution that will allow the countries to return to constructive negotiations and avoid further escalation of the trade conflict.

In turn, US President Donald Trump announced the decision to reduce duties on Chinese goods by 10%, bringing the total level of US tariffs to 47%, which is seen as a move to partially ease trade pressure between Washington and Beijing.

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