Department of Commerce: China and the United States to Simultaneously Suspend Some Tariffs and Control Measures for One Year

BlockBeats News, October 30th, a spokesperson for the Ministry of Commerce responded to questions on the China-U.S. Kuala Lumpur Economic and Trade Consultations Arrangement. The spokesperson stated: The U.S. will lift the 10% so-called "Fentanyl Tariffs" on Chinese goods (including those from the Hong Kong Special Administrative Region and the Macao Special Administrative Region), and the 24% retaliatory tariffs on Chinese goods (including those from the Hong Kong Special Administrative Region and the Macao Special Administrative Region) will continue to be suspended for another year. China will adjust its retaliatory measures against the aforementioned U.S. tariffs accordingly. Both sides agreed to extend certain tariff exclusion measures.

The U.S. will postpone the implementation of its September 29th announced 50% "De Minimis Rule" for export controls by one year. China will postpone the implementation of related export control measures announced on October 9th for one year and will explore detailed plans. The U.S. will postpone the implementation of its Section 301 investigation measures on China's maritime, logistics, and shipbuilding industries for one year. After the U.S. suspends its relevant measures, China will also reciprocally suspend its retaliatory measures against the U.S. for one year. (FXStreet)