Beijing: China announced on Thursday it will suspend a further 24 percent retaliatory tariff on the United States for one year, following similar measures from the United States, but will maintain a 10 percent tariff on all U.S. imports.

According to Thai News Agency, China’s Customs Tariff Commission released a statement indicating that the suspension of the additional 24 percent tariff on U.S. imports will be effective from 1:01 p.m. on November 10th. This decision aligns with the results of recent China-U.S. economic and trade discussions.

Meanwhile, South Korea’s Chosun Daily reported that China’s Customs Tariff Commission will also suspend additional retaliatory tariffs of 10-15 percent on U.S. agricultural and livestock products, including chicken, wheat, corn, soybeans, and pork, starting at the same time on November 10. This development follows a decision by U.S. President Donald Trump to reduce the fentanyl tariff on Chinese goods from 20 percent to 10 percent during a summit with Chinese leaders in Busan, South Korea, on October 30.

A trader at an international trading company noted that despite the changes, U.S. soybeans are still subject to a 13 percent tariff, making them more costly than Brazilian imports. The White House announced that China will purchase at least 12 million tons of U.S. soybeans in the last two months of this year and at least 25 million tons annually over the next three years, though these figures have not been confirmed by the Chinese government.