Beijing, Nov 5. China announced on Wednesday that it will suspend for one year the application of a 24% 'additional tariff' on products from the United States, a measure framed in the trade truce reached last week between the two countries. According to a statement from the Tariff Commission of the State Council (Chinese Executive), the decision, which will take effect on November 10 at 13:01 local time (05:01 GMT), aims to 'implement the results and consensuses reached in the economic and commercial consultations between China and the United States'. During this period, an additional 10% tariff will remain in force on certain US goods, without Beijing having specified which ones. The suspension extends for twelve months the moratorium on the so-called 'reciprocal tariffs' that Beijing had announced in March as a response to the tariffs imposed by Washington within the framework of the trade war. The announcement confirms the implementation of the commitments adopted after the meeting between the Chinese president, Xi Jinping, and his US counterpart, Donald Trump, held last week in Busan (South Korea). At that meeting, the two powers agreed to a one-year trade truce that includes the reduction of tariffs, the resumption of agricultural trade, the suspension of Beijing's controls on the export of rare earths, and the temporary freezing of the port tariffs that had been mutually imposed, among other measures. The measure coincides with the United States' decision to reduce its average tariffs on Chinese products from 57% to 47%. In turn, China committed to suspending additional tariffs on US agricultural and energy goods, including some tariffs of up to 15% on agricultural products that will be eliminated as of November 10. The two largest economies in the world have been in a commercial confrontation for several years that has included mutual restrictions in strategic sectors such as microchips, rare earths, and maritime services.
"Photo EFE"
