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China halts tariffs enforced on certain US imports for one year
(MENAFN) China announced Wednesday that it will suspend the additional 24% tariffs imposed on certain US imports for one year, state media reported.
The decision follows last week’s summit between Chinese President Xi Jinping and US President Donald Trump in Busan, South Korea, where both leaders agreed on a one-year arrangement on trade and tariff issues.
The Customs Tariff Commission of the State Council said the new measures will take effect at 1:01 p.m. (0501 GMT) on Nov. 10, while the existing 10% levies on those goods will remain in place.
The commission said the move “aims to implement the outcomes and consensus reached in the China-US economic and trade talks” and will help promote “sound, stable, and sustainable development” of bilateral trade.
It also announced that China will terminate earlier tariff measures imposed on certain US-origin goods.
In March, China had added 15% tariffs on imports such as chicken, wheat, corn, and cotton, and 10% on sorghum, soybeans, pork, beef, aquatic products, fruits, vegetables, and dairy products.
At a press conference in Beijing, Foreign Ministry spokeswoman Mao Ning reaffirmed China’s approach to Washington:
“We always view and handle relations with the US under the principles of mutual respect and win-win cooperation. Meanwhile, we will firmly defend our sovereignty, security, and development interests,” she said.
The decision follows last week’s summit between Chinese President Xi Jinping and US President Donald Trump in Busan, South Korea, where both leaders agreed on a one-year arrangement on trade and tariff issues.
The Customs Tariff Commission of the State Council said the new measures will take effect at 1:01 p.m. (0501 GMT) on Nov. 10, while the existing 10% levies on those goods will remain in place.
The commission said the move “aims to implement the outcomes and consensus reached in the China-US economic and trade talks” and will help promote “sound, stable, and sustainable development” of bilateral trade.
It also announced that China will terminate earlier tariff measures imposed on certain US-origin goods.
In March, China had added 15% tariffs on imports such as chicken, wheat, corn, and cotton, and 10% on sorghum, soybeans, pork, beef, aquatic products, fruits, vegetables, and dairy products.
At a press conference in Beijing, Foreign Ministry spokeswoman Mao Ning reaffirmed China’s approach to Washington:
“We always view and handle relations with the US under the principles of mutual respect and win-win cooperation. Meanwhile, we will firmly defend our sovereignty, security, and development interests,” she said.
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