China suspends some tariffs on American goods for a year
The administration in China declared it plans to put a pause on an extra 24% levy on products from the United States for a twelve-month period, while keeping a 10% rate, according to Reuters.
The State Council also stated its plan to get rid of duties as high as 15% on specific farm goods from the US, starting on November 10. Nevertheless, soybeans, the chief US export to China, will still face a 13% duty, which renders Brazilian substitutes more appealing.
China had already communicated to the US its stipulations for upholding the trade ceasefire agreed upon at the recent discussion between Trump and Xi.
