(MENAFN) China announced on Wednesday that it will suspend additional 24% tariffs on certain American imports for a year, according to reports from state media.

The decision follows last week’s summit between Chinese President Xi Jinping and US President Donald Trump in South Korea, where both leaders agreed to a one-year trade arrangement. Despite the suspension, China will keep in place existing 10% tariffs, the Customs Tariff Commission of the State Council confirmed.

The new policy will come into effect at 1:01 p.m. (0501 GMT) on Nov. 10 and is intended to “implement the outcomes and consensus reached in the China-US economic and trade talks,” the commission said.

Officials stated that pausing some tariffs would encourage “the sound, stable, and sustainable development of bilateral economic and trade relations,” benefiting both nations and supporting global growth.

Beijing will also end certain previous tariff measures imposed on select US imports. Earlier this year, China had introduced a 15% duty on US chicken, wheat, corn, and cotton, and an additional 10% on sorghum, soybeans, pork, beef, and various agricultural products.

During a separate press briefing, Foreign Ministry spokeswoman Mao Ning said Beijing’s stance toward Washington “maintains consistency,” emphasizing principles of “mutual respect” and “win-win cooperation.”

"A sound and steady China-US relationship is in the fundamental interests of the two peoples, and (it) is what the international community looks forward to," Mao added.

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