China to extend tariff suspension, scrap some U.S. farm duties
China has announced new measures to implement the trade agreement reached between President Xi Jinping and U.S. President Donald Trump, following their meeting.
The Commerce Ministry on Wednesday said that the additional 24 per cent tariffs introduced in April on certain U.S. imports which were then paused shortly after several rounds of negotiations would remain paused for another year.
In addition, tariffs of up to 15 per cent on selected U.S. agricultural products will be scrapped.
At their meeting in late October, the United States and China agreed to ease mutual trade restrictions.
Washington is to lower average import tariffs on Chinese goods from 57 per cent to 47 per cent, while Beijing pledged to boost U.S. soybean purchases and suspend certain export controls on rare earth elements for one year.
During the meeting with Xi in South Korea, Trump hailed the outcome as a “fantastic deal,” though several points of contention remain unresolved.
dpa/NAN
