China pauses some tariffs on US for a year

China’s cabinet confirmed that it will suspend for one year the 24% additional tariffs it imposed on US goods in April, but will maintain 10% levies introduced at the same time in response to President Donald Trump’s “Liberation Day” tariffs.

The country’s tariff commission also announced it will remove up to 15% levies on certain US agricultural imports, starting November 10.

However, soybeans—once America’s top export to China—will still face a 13% total tariff.

The suspension follows a recent meeting between President Trump and Chinese President Xi Jinping in South Korea, which eased concerns about escalating trade tensions.

Still, traders remain skeptical that the move will revive US soybean sales. 
China imported 41% of its soybeans from America in 2017, but by 2024, that share had dropped to 20%, costing US farmers billions.