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News18
3 days ago
- Business
- News18
China Suspends 24% Additional Duties On US Goods After Trump Extends Tariff Truce By 90 Days
Last Updated: China and the US have extended their tariff truce for 90 days. Beijing also suspended 24 percentage points of additional tariffs on certain US imports while retaining a 10% rate. China has suspended 24 per cent in additional tariffs on US goods for 90 days, beginning August 12, the Global Times reported. The move comes as the Customs Tariff Commission of the State Council aims to implement the consensus reached in the China-US economic and trade consultations. According to the report, the council said it will modify the additional tariffs on articles of the US set forth, by suspending 24 percentage points of that rate for an additional period of 90 days. It would also retain the remaining additional ad valorem rate of 10 per cent on those articles. The report came hours after the United States and China on Monday extended a tariff truce for another 90 days, staving off triple-digit duties on each other's goods as US retailers get ready to ramp up inventories ahead of the critical end-of-year holiday season. US President Donald Trump announced on his Truth Social platform that he had signed an executive order suspending the imposition of higher tariffs until 12.01 am EST (0501 GMT) on November 10, with all other elements of the truce to remain in place. 'The United States continues to have discussions with the PRC to address the lack of trade reciprocity in our economic relationship and our resulting national and economic security concerns," Trump's executive order stated, using the acronym for the People's Republic of China. 'Through these discussions, the PRC continues to take significant steps toward remedying non-reciprocal trade arrangements and addressing the concerns of the United States relating to economic and national security matters," it added. The tariff truce between Beijing and Washington had been due to expire on Tuesday at 12.01 am EDT (0401 GMT). The extension until early November buys crucial time for the seasonal autumn surge of imports for the Christmas season, including electronics, apparel and toys at lower tariff rates. The two sides in May announced a truce in their trade dispute after talks in Geneva, Switzerland, agreeing to a 90-day period to allow further talks. They met again in Stockholm, Sweden, in late July, and US negotiators returned to Washington with a recommendation that Trump extend the deadline. Treasury Secretary Scott Bessent has said repeatedly that the triple-digit import duties both sides slapped on each other's goods in the spring were untenable and had essentially imposed a trade embargo between the world's two largest economies. Get breaking news, in-depth analysis, and expert perspectives on everything from geopolitics to diplomacy and global trends. Stay informed with the latest world news only on News18. Download the News18 App to stay updated! view comments Location : New Delhi, India, India First Published: August 12, 2025, 07:59 IST News world China Suspends 24% Additional Duties On US Goods After Trump Extends Tariff Truce By 90 Days Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Business Upturn
12-05-2025
- Business
- Business Upturn
China to lower tariffs on U.S. imports to 10% from 125% for 90 days
By Aditya Bhagchandani Published on May 12, 2025, 12:35 IST In a major de-escalation move following weeks of trade tension, China has agreed to reduce tariffs on U.S. imports to 10% from as high as 125% for a period of 90 days, as part of a mutual understanding reached during the recent U.S.-China economic and trade meeting in Geneva. The tariff rollback, which applies to duties imposed under Announcement No. 4 of 2025 by the Customs Tariff Commission of the State Council, is a direct response to similar tariff relief measures announced by the United States. Beijing has also agreed to eliminate additional ad valorem duties imposed under Announcements No. 5 and 6 of 2025, and suspend all non-tariff countermeasures taken against U.S. goods since April 2, 2025. This temporary reduction will restore most affected goods to a 10% baseline duty, dramatically easing the burden on sectors such as agriculture, semiconductors, and automobiles that had seen tariffs spike above 100% during the height of the retaliatory measures. The move comes just days after the U.S. government announced it would suspend 24 percentage points of its own retaliatory tariffs on Chinese goods, while maintaining a 10% duty on the affected products. Chinese Vice Premier He Lifeng will lead future discussions with U.S. counterparts Scott Bessent (Treasury Secretary) and Jamieson Greer (U.S. Trade Representative), with the two sides agreeing to resume structured talks. The meetings may rotate between the U.S., China, or a neutral venue. The tariff truce is expected to provide relief to exporters on both sides and give global markets a chance to stabilize. The agreement is viewed as a confidence-building measure, aimed at creating room for more durable negotiations ahead of the next World Trade Organization summit. While this 90-day reprieve is temporary, both countries have expressed openness to longer-term engagement — provided progress continues in resolving structural and trade balance concerns. Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
See - Sada Elbalad
11-04-2025
- Business
- See - Sada Elbalad
China Announces Raising Tariffs on US to 125%
Taarek Refaat China had raised retaliatory tariffs on US imports from 84% to 125%, according to Customs Tariff Commission of the State Council. China indicated on Friday that it would not increase its tariffs on US goods beyond the current 125%, according to a statement from a spokesperson for the Ministry of Commerce. The spokesperson explained: "The United States' successive imposition of excessively high tariffs on China has become a mere numbers game, with no real economic significance. It only reveals the United States' practice of weaponizing tariffs as a tool of bullying and coercion, turning itself into a joke." He continued: "If the United States insists on continuing this numbers game with tariffs, China will not engage. However, if the United States continues to seriously harm China's interests, China will resolutely take countermeasures and fight to the end." Chinese President Xi Jinping addressed the escalating trade conflict with the United States on Friday, saying his country is "not afraid," in his first public comments on the issue, according to state broadcaster CCTV. The Chinese channel quoted Xi Jinping as asserting that "there is no winner in a tariff war, and that opposition from the world will only lead to self-isolation." He added, "For more than 70 years, China's development has been self-reliant and hard-working—never dependent on others' gifts, never fearing any unjust oppression. No matter how the external environment changes, China will remain confident, and focused on managing its own affairs efficiently." read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Egypt confirms denial of airspace access to US B-52 bombers News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia Lifestyle Pistachio and Raspberry Cheesecake Domes Recipe News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Arts & Culture Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized Videos & Features Bouchra Dahlab Crowned Miss Arab World 2025 .. Reem Ganzoury Wins Miss Arab Africa Title (VIDEO) Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple Arts & Culture Arwa Gouda Gets Married (Photos)
South China Morning Post
11-04-2025
- Business
- South China Morning Post
China ups tariffs on American goods to 125%, will ‘ignore' future US hikes
China announced on Friday that it will raise tariffs on American goods to 125 per cent from its previous rate of 84 per cent, matching the level announced by the Trump administration on Thursday. Advertisement Beijing will 'simply ignore' any further tariff escalations from the US in the future, if Washington 'persists with its tariff number games,' according to a statement from the Customs Tariff Commission of the State Council, China's cabinet. At current duty rates, American goods exported to China already have no market viability, the commission said. 'Even if the US further raises tariffs to even higher levels, it would be economically meaningless and would ultimately become a laughingstock in the history of global economics,' it added. 'However, should the US insist on continuing to substantially harm China's interests, China will resolutely institute countermeasures and see them through to the end.' Advertisement After a series of back-and-forth tariff salvoes, as it stands, Washington has imposed a 145 per cent duty on Chinese imports this year, bringing the effective rate to about 156 per cent. Meanwhile, Beijing's new levies on US goods have risen to 125 per cent, also on top of previous tariffs.
Yahoo
11-04-2025
- Business
- Yahoo
China raises tariffs on US goods to 125% in latest tit-for-tat move
China is raising tariffs on US goods from 84% to 125%, authorities said on Friday, as the trade war unleashed by US President Donald Trump continues to escalate. The counter-measure is scheduled to take effect on April 12, the Customs Tariff Commission of the State Council said in a statement. The announcement came after Washington clarified on Thursday that China actually faced a tariff rate of 145% on imports to the United States, not 125% as earlier stated. Trump's tariff hikes have triggered market turmoil and fears of a global economic slowdown. While the US president has since paused many country-specific tariffs, including for the European Union, he has intensified levies on China. "The US's imposition of abnormally high tariffs on China seriously violates international economic and trade rules, basic economic laws and common sense," the Customs Tariff Commission said, adding that Washington was using "bullying" tactics. According to the statement, Beijing will "ignore" any further US tariff hikes on Chinese goods as the current levies mean that there is no market acceptance for US goods on the Chinese markets anymore. Trump has justified the latest increase in fees on Chinese imports by claiming that Beijing showed a "lack of respect" for world markets. China had previously vowed to "fight to the end" in the tariff dispute and accused the US of extortion. Meanwhile Beijing has been looking to improve ties with other trading partners, including the European Union. Talks with Spanish Prime Minister Pedro Sánchez in Beijing on Friday centred on EU cooperation amid the current trade conflict, after EU Trade Commissioner Maroš Šefčovič and Chinese Trade Minister Wang Wentao spoke on the phone earlier this week to discuss expanding trade relations.
