Beijing: China announced on Wednesday that it will extend the suspension of an additional 24% tariff on U.S. goods for another year, maintaining a 10% blanket tariff in place as part of ongoing trade stabilisation efforts between the world’s two largest economies.

According to a statement published by the Ministry of Finance, citing the State Council, the suspension will take effect from November 10, 2025, and reflects “the consensus reached in the China-US economic and trade consultations.”

Trade truce extended after Xi–Trump talks

The move follows high-level discussions between Chinese President Xi Jinping and U.S. President Donald Trump held in South Korea last month, which effectively extended the fragile China–U.S. trade truce for another year.

On Tuesday, Washington confirmed a reciprocal step, as President Trump formalised an agreement to reduce additional tariffs on Chinese imports from 20% to 10%, also effective November 10.

Over the past year, trade tensions have repeatedly flared between Beijing and Washington, with both sides imposing and later easing steep tariffs on each other’s goods. At their peak, duties reached triple-digit levels, curbing bilateral trade.

China lifts tariffs on key US agricultural imports

In a separate announcement, Beijing stated it would remove tariffs of up to 15% on select U.S. agricultural products, including soybeans, a key import vital to China’s food and feed industries.

The renewed tariff suspension and agricultural tariff relief signal a continued effort by both nations to stabilise trade relations and reduce economic friction.