China extends suspension of 24% tariff on US goods

The Customs Tariff Commission of China's State Council has announced an extension of its suspension of the additional 24% tariff on US import for another two months, effective from 1:01pm tomorrow, while keeping a 10% blanket tariff in place.

Authorities say the adjustment formalises the outcomes and consensus reached at the meeting between President Xi Jinping and his US counterpart Donald Trump in Washington, D.C.

The State Council's tariff panel adds China has noted that the US side has repeatedly stated its intention to replace the tariffs under the International Emergency Economic Powers Act with Section 301 tariffs.

Beijing vows to continue to closely follow Washington's subsequent moves and adjust its relevant tariff countermeasures in light of the situation.

The Transport Ministry also notes the special port fees on US-linked ships will be extended until January 10 next year.