China has effectively extended its trade truce with the U.S. by two months, after announcing it would continue to suspend certain trade measures.
The trade truce was due to expire on November 10, with Chinese President Xi Jinping and U.S. President Donald Trump expected to meet for the third time so far this year at the APEC leaders' summit in China the following week.
After September's Washington summit between Trump and Xi, both sides proposed a $60-billion package of reciprocal tariff cuts, including roughly $17 billion worth of U.S. farm goods that China imported in 2024, though the plan has yet to be finalized.
U.S. Treasury Secretary Scott Bessent in September said the two-month extension would give the two sides "more time to see what we can do on the economic front."
A 24% additional tariff on U.S. imports will remain suspended for two months from November 10, but a tariff of 10% will remain, China's state council, or cabinet, said. In return, China will extend export-control waivers for certain critical minerals and related technologies until January 10, 2027, the commerce ministry said
Measures affecting 11 U.S. firms on China's unreliable entities list and 16 on its export control list will remain suspended through to January 10, 2027, the commerce ministry said
The suspension of special port fees on U.S.-linked vessels will be extended until January 10, 2027, China's transport ministry said. A probe into shipping and shipbuilding supply chain security will remain suspended.
The Chinese commerce ministry further said it would also extend the suspension of sanctions on five U.S.-linked units of Hanwha Ocean by two months.
China is extending the tariff suspensions to implement the "outcomes and consensus reached at the Washington meeting between the heads of state of China and the United States," the state council's tariffs commission said.
China has "noted that the U.S. side has repeatedly stated that it intends to use Section 301 tariffs to replace the tariffs imposed under the International Emergency Economic Powers Act (IEEPA) that have been held invalid by judicial rulings," it said.
China will "closely follow subsequent measures taken by the U.S. side and will, as appropriate, adjust relevant tariff countermeasures in light of developments," it added.
