- China suspends 24% tariffs on U.S. goods, keeps 10% levy while raising soybean duties (Reuters): China has confirmed that beginning November 10, it will suspend additional tariffs of up to 24% on certain U.S. imports—including some agricultural goods—following recent talks between the two super-powers. However, China will retain a 10% levy on all U.S. goods and maintain a 13% tariff on U.S. soybeans, meaning American producers remain at a disadvantage compared with cheaper alternatives such as Brazilian beans. While the move signals improved engagement and a softening of trade tensions, the limited nature of the concessions suggests U.S.–China trade frictions remain significant and full normalization is still a distant prospect.
Policy Updates: China suspends 24% tariffs on U.S. goods, keeps 10% levy and 13% tariff on U.S. soybeans
China has confirmed that beginning November 10, it will suspend retaliatory tariffs but will retain the 10% levy and 13% tariff on U.S. soybeans.
(Lindsey Pound)