China extends 24% additional tariffs on US for 2 months... Keep 10%

The Chinese government announced that it would extend the moratorium on imposing an additional 24% tariff on U.S. imports for two months.

This is a follow-up to the agreement between the US and China to extend the existing 'trade truce' last September.

China's State Council Tariffs Committee announced on the 9th that it would extend the suspension of the 24% additional tariff on US imports by two months from 1:01 p.m. on the 10th (China time) on the 9th.

However, the existing 10% additional tariff will remain the same.

The Chinese side explained that this measure was taken to implement the agreement reached at the summit between U.S. President Donald Trump and Chinese President Xi Jinping held in Washington, DC.

Previously, U.S. Treasury Secretary Scott Besant announced that after meeting in Washington with Chinese Vice Premier Heifeng of the State Council on September 23, they agreed to extend the US-China trade truce, which was scheduled to end on November 10, by two months until January 10 of next year.

At the Busan summit in October last year, the United States and China agreed to postpone some trade retaliatory measures, such as high tariffs, for one year, and this time extended the period by two months.

However, in this announcement, China expressed caution about changes in US tariff policy.

The State Council's Tariff Committee said, "We are paying attention to the fact that the United States has announced that it plans to replace tariffs based on the International Emergency Economic Powers Act (IEEPA), which became invalid due to a court ruling, with tariffs under Article 301 of the Trade Act."

He added, "We will closely monitor the United States' follow-up measures and adjust related retaliatory tariff measures at an appropriate time depending on the situation."

At the same time, he argued that this extension of the tariff suspension will provide a stable and predictable policy environment for companies in both countries and will be conducive to the stable development of U.S.-China economic and trade relations.

Earlier, on the 6th, Deputy Prime Minister Heo had a video call with Minister Besant and U.S. Trade Representative (USTR) Jamison Greer and discussed trade issues between the two countries.

At the time, China expressed serious concern about the United States' recent economic and trade restrictions against China, and the United States urged China to faithfully implement existing trade agreements.