• China suspends an additional 24% tariff on US goods for one year.
• A 10% tariff on US goods will remain in effect.
• The suspension follows recent trade talks between President Trump and President Xi Jinping.
• China to lift various tariffs on US agricultural products, including soybeans.
• Continued tensions remain over other economic issues despite the temporary truce.

On November 5, China announced it will extend the suspension of a 24% additional tariff on U.S. goods for another year, while retaining a 10% blanket tariff. This measure, approved by the State Council, is effective from November 10 and follows discussions during a meeting between Chinese President Xi Jinping and U.S. President Donald Trump in South Korea, indicating a fragile truce amidst ongoing trade tensions, according to Reuters and Channel News Asia.

The agreement, reported by China’s Ministry of Finance, asserts, “for one year the 24% tariff on US goods will continue to be suspended.” Additionally, China plans to lift tariffs of up to 15% on certain American agricultural products, aiming to alleviate some pressure from US farmers who have faced significant challenges during the trade conflict, according to India Times and India Times.

Despite the suspension, the 10% tariff on all U.S. goods will remain. Trump's administration previously imposed tariffs citing unfair trade practices and intellectual property theft. The extension of the tariff suspension reflects ongoing efforts from both nations to stabilize bilateral economic relations following multiple rounds of recent trade talks, according to Channel News Asia and Reuters.