China announced on Wednesday that it is extending for one year the suspension of the 24% surtaxes on American products, while maintaining the general 10% customs duties.
“Customs duties of 24% on American goods remain suspended, and customs duties of 10% on American merchandise remain in force,” said a statement published on the Chinese Ministry of Finance website, less than a week after a summit between U.S. President Donald Trump and Chinese President Xi Jinping aimed at easing trade tensions.
The new suspension takes effect starting November 10, according to the same statement, marking a new gesture of calm between the world’s two largest economic powers.
China will also “cease applying additional customs duties” imposed since March on American soybeans and agricultural products, according to another statement published by the Ministry. These duties had reached up to 15%.
The announcements come a day after U.S. President Donald Trump signed a decree reducing from 20% to 10% a customs surcharge imposed on many Chinese products.
