China will suspend its 24% tariff on a wide range of US goods for one year, marking a cautious step toward easing trade tensions. However, it will continue to impose a 10% duty on certain products, keeping some restrictions in place.
The decision follows a high-profile meeting between President Xi Jinping and US President Donald Trump, indicating a possible thaw in the long-standing trade dispute.
US agricultural exports may benefit, as tariffs of up to 15% on some farm products will be lifted starting November 10. While the suspension of the higher tariff provides relief for American businesses, China’s decision to maintain certain duties signals that a full resolution remains a work in progress.
This step represents a measured approach from both sides, balancing economic interests with ongoing diplomatic negotiations.
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