China-US breakthrough in trade tariffs
China on Wednesday announced it will suspend a 24% additional tariff on selected U.S. goods for one year, while maintaining a 10% levy, in a move aimed at easing long-standing trade tensions with Washington.
According to the State Council’s Tariff Commission, the temporary suspension seeks to stabilize bilateral trade relations and support global economic recovery, following years of tit-for-tat tariffs between the world’s two largest economies.
China, the world’s largest agricultural importer, also revealed plans to lift tariffs of up to 15% on certain U.S. farm products starting November 10. The decision is expected to boost imports of soybeans, corn, and meat, providing relief for U.S. farmers while helping Chinese consumers cope with rising food prices.
The announcement comes shortly after a high-level meeting between President Xi Jinping and former U.S. President Donald Trump last week, during which both sides discussed trade, technology, and regional stability. While no major agreements were signed, analysts said the dialogue marked a positive step toward rebuilding trust and reducing economic friction.
Observers suggest Beijing’s tariff suspension could pave the way for broader trade negotiations and signal a thaw in U.S.–China relations after years of uncertainty in global markets.
