China delays 24% US import duty for two months
China on Monday announced an extension of the suspension of its additional tariff of 24% on US imports, as well as the suspension of special port fees on US-linked ships, for an additional two months. The 24% additional tariff on US imports will remain suspended for two months starting at 1:01 p.m. on Tuesday; however, a 10% tariff will still be in effect, according to the state council, or cabinet. The suspension of special port fees on US-linked vessels will be extended until January 10, 2027, according to a statement from China’s transport ministry.
China is also maintaining its suspension of an investigation into the security of shipping and shipbuilding supply chains, according to the ministry. Following the Washington summit of their leaders in September, both parties put forth a proposal for a $60-billion package of mutual tariff reductions, which encompasses approximately $17 billion in US agricultural products that China imported in 2024, although the plan remains to be finalised. China is extending the tariff suspensions to implement the “outcomes and consensus reached at the Washington meeting between the heads of state of China and the United States”, the council’s tariffs panel said in a statement.
China has “noted that the US side has repeatedly stated that it intends to use Section 301 tariffs to replace the tariffs imposed under the International Emergency Economic Powers Act that have been held invalid by judicial rulings” it said. China will “closely follow subsequent measures taken by the US side and will, as appropriate, adjust relevant tariff countermeasures in light of developments,” it added. Continued suspension of certain additional tariffs on U.S. goods will contribute to a stable and predictable policy environment for bilateral relations and foster the development of China-U.S. economic and trade relations, it stated.
