China announces suspension of some tariffs on U.S. products

Singapore, 05/11/2025 - China announced that it will suspend some tariffs on U.S. imports, including additional charges on agricultural products, as part of the trade truce reached at the summit meeting between Presidents Donald Trump and Xi Jinping last month. According to a statement from the Tariff Commission of the State Council, Beijing will extend the suspension of a 24% tariff on certain U.S. products for another year, but will maintain a 10% tariff. In a separate note, the commission said it will also suspend tariffs of up to 15% on U.S. agricultural products - including soybeans - imposed in March in retaliation to the fentanyl-related tariff adopted by Washington. The measures come into effect on November 10 and are related to the recent meeting between Trump and Xi in South Korea - the first meeting between the two in six years - which brought temporary relief to trade tensions between the world's two largest economies. At the meeting, both ...