China extends suspension of 24% tariff on US imports for two months
SPY•China will suspend its additional 24% tariff on US imports for two more months while retaining a 10% tariff. The extension follows a leaders’ meeting in Washington, where both sides proposed $60 billion in reciprocal tariff cuts, a plan that has not been finalised.
1. Tariff suspension extended
China will maintain the suspension of its additional 24% tariff on US imports for two months from 13:01 p.m. on Tuesday, while retaining a 10% tariff, its State Council said. The tariffs panel said the extension implements outcomes and consensus reached at the Washington meeting between the countries’ leaders.
2. Trade measures remain in flux
After the September summit, both sides proposed a $60 billion package of reciprocal tariff cuts, including roughly $17 billion worth of US farm goods imported by China in 2024, but the plan has not been finalised. China said it would follow subsequent US measures and adjust relevant tariff countermeasures as appropriate; it also cited US statements about using Section 301 tariffs to replace IEEPA tariffs held invalid by judicial rulings.
