China said on Wednesday it would extend a suspension of additional tariffs on US goods for one year, making official an agreement reached in talks between presidents Xi Jinping and Donald Trump last week.
The two leaders held talks in South Korea at the end of October that effectively extended a delicate truce for a year, after several rounds of trade negotiations in recent months.
A statement published Wednesday on the Ministry of Finance website, citing Beijing’s State Council, said that “for one year the 24 percent tariff on US goods will continue to be suspended, (and) a 10 percent tariff on US goods will remain”.
The statement said the pause follows “the consensus reached in the China–US economic and trade consultations” and would be effective from November 10.
Trump on Tuesday formalised an agreement that Washington would cut its additional tariffs on Chinese imports from 20 percent to 10 percent, also effective from November 10.