China extends suspension of 24% tariff on US imports for two months

Beijing, Nov 9 - The Chinese state council has announced the extension of the suspension of the additional 24% tariff on US imports for a period of two months, beginning from 13:01 p.m. on Tuesday. This decision was made while retaining a tariff rate of 10%, according to the state council, or cabinet.

Following the high-profile Washington summit between their respective leaders, both China and the United States proposed a $60-billion package of reciprocal tariff cuts. This package includes approximately $17 billion worth of US farm goods that China had imported in 2024. However, the implementation of this plan is yet to be finalized.

The Chinese tariffs panel stated that the extension of the tariff suspensions is aimed at implementing the outcomes and consensus reached at the Washington meeting between the state heads of China and the United States. The council emphasized that this move is in line with the outcomes and consensus reached during the high-level bilateral talks.

China has also noted that the US side has repeatedly indicated its intention to utilize Section 301 tariffs to replace the tariffs imposed under the International Emergency Economic Powers Act (IEEPA), which have been invalidated by judicial rulings. In response to this, China pledged to closely monitor subsequent measures taken by the US side.

The Chinese authorities indicated that they will adjust relevant tariff countermeasures as necessary, based on the developments in the US policy. This continued suspension of some additional tariffs on U.S. goods, according to the Chinese state council, is intended to ensure a stable and predictable policy environment for bilateral relations and to promote the development of China-U.S. economic and trade relations.