The cancellation — to take effect Monday at 1:01 p.m. — comes hours after President Donald Trump signed a pair of executive orders. Those documents formalized slashing fentanyl-related levies on Chinese exports to 10% from Nov. 10, and continued a truce bringing down the reciprocal US tariff rate from 34% to 10%
The moves are part of a broader pact between Trump and President Xi Jinping that’s set to last one year and has stabilized turbulent ties between the world’s largest economies. Before their summit in South Korea last week, the two leaders had been locked in a months’ long cycle of tit-for-tat actions.Chinese buyers had shunned US soybeans as tensions between the two sides soured, taking more from South American producers. Just days before the meeting, China bought its first US cargoes, following up with further purchases after the sitdown. That trade was worth more than $12 billion last year.
“The halting of certain tariffs between China and the US aligns with the fundamental interests of both countries and their people,” the notice said. It “meets the expectations of the international community and will help push bilateral economic and trade relations to a higher level.”
China’s Finance Ministry confirmed in a separate notice Wednesday that the 24% tariff on US products will be suspended for a year, mirroring Trump’s executive order. The Chinese suspension will kick in 1:01 pm on Monday, when a previous deadline expires.
