️🇨🇳🇺🇸 - China has extended the suspension of an additional 24% tariff on US imports and special port charges on US-bound ships for another two months, as the two countries continue efforts to preserve the trade agreement reached during the September summit, Reuters.
️ The additional rate of 24% will remain suspended for two months starting Tuesday, while the existing rate of 10% will remain in place. China's Ministry of Transport also extended the suspension of special port dues on US-bound ships until January 10, 2027, and confirmed that the investigation into the supply chain security of shipping and shipbuilding will remain suspended.
️ The extensions are intended to implement the understandings reached by the leaders of the two countries in Washington. The two sides have proposed a package of mutual tariff reductions of $60 billion, including about $17 billion in US agricultural goods imported by China in 2024, although the plan has not yet been finalized.
️ Beijing said it would closely monitor Washington's next steps, including its plans to use Section 301 tariffs to replace duties imposed under the International Emergency Economic Powers Act that were struck down by court rulings. China said it could adjust its tariff countermeasures according to developments.
China said maintaining the suspensions would help provide a stable and predictable environment for bilateral economic and trade relations.