China will suspend an additional 24% tariff on US goods for another two months, formalizing a decision by the two countries’ leaders to prolong their trade truce until next January. The move will take effect at 1:01 p.m. Beijing time on Tuesday, with a 10% blanket tariff retained on US imports, the Customs Tariff Commission of the State Council said in a statement.
China will also extend its suspension of special fees on American ships docking at its ports until Jan. 10, the Transport Ministry said in a separate statement on Monday. The new timeline is a result of the agreement reached by Presidents Donald Trump and Xi Jinping in September to extend their tariff ceasefire until early next year.
The truce, originally set to expire on Nov. 10, was struck in Busan, South Korea in October 2025, where both sides agreed to suspend their mutual 24% levies while leaving the 10% rate in place. China said it will closely monitor US plans to replace Trump’s emergency tariffs — which were overturned by the Supreme Court earlier this year — with duties imposed under Section 301 of the Trade Act of 1974.
Trump and Xi are set to meet at the Asia-Pacific Economic Cooperation gathering in Shenzhen later this month for what will be their third summit this year.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing