China to suspend 24% US tariff for a year, lift ag duties Nov 10

China announced on Wednesday that it will suspend for one year a 24 percent additional tariff on US goods and lift duties of up to 15 percent on selected US agricultural products, effective November 10, a move that follows a bilateral agreement reached after last month’s summit between President Xi Jinping and US President Donald Trump. The Ministry of Finance said the measures, which include removal of tariffs on soybeans, corn, wheat, sorghum and some poultry and pork products, align with the fundamental interests of both countries and will take effect from November 10.

The announcement came hours after President Trump signed an executive order lowering US fentanyl-related tariffs on Chinese imports from 20 percent to 10 percent, also to take effect on November 10. The White House said the reduction formalizes commitments Beijing made at the summit to curb shipments of precursor chemicals and tighten export controls related to fentanyl, and that US agencies will monitor Chinese compliance. In the order Trump said, "Should the PRC fail to implement its commitments ... I may modify this order as necessary."

Beijing’s State Council Tariff Commission said it will maintain a...