(MENAFN) China announced on Wednesday that it will pause an extra 24% tariff on selected imports from the United States for a period of one year, according to state media.

This decision follows a recent summit between Chinese President Xi Jinping and US President Donald Trump in South Korea, during which both nations agreed on a one-year arrangement regarding trade and tariffs.

However, China will maintain the existing 10% levies, as stated by the Customs Tariff Commission of the State Council.

The revised measures are scheduled to begin at 1:01 pm (0501GMT) on November 10.

The Commission emphasized that the move “aims to implement the outcomes and consensus reached in the China-US economic and trade talks.”

Several rounds of negotiations have taken place between the two countries, with the trade agreement being a central topic during the Xi-Trump meeting in Busan on October 30.

“The continued suspension of certain additional tariffs between China and the United States will help promote the sound, stable, and sustainable development of bilateral economic and trade relations, bring benefits to the people of both countries, and contribute to global prosperity,” the Commission stated.

Additionally, China will cancel the extra tariff measures announced earlier on certain US imports.

Earlier this year, in March, China had implemented a 15% additional tariff on US-origin chicken, wheat, corn, and cotton.

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