China extends suspension of extra tariffs on US imports by two months

China's State Council has announced a two-month extension of the suspension of an additional 24% tariff on US imports, effective from noon on Tuesday, while keeping a 10% tariff in place.

The council said the decision is intended to implement the "outcomes and agreements" reached during the meeting in Washington between the presidents of China and the United States.

In September, the two countries proposed a reciprocal package to reduce tariffs worth $60 billion following the Washington summit. This included about $17 billion in US agricultural goods imported by China in 2024. However, the plan has not yet been finalized, according to Reuters.

China noted it had taken note of US statements about the possible use of tariffs under Section 301 instead of those imposed under the International Emergency Economic Powers Act, some provisions of which have been ruled unlawful by courts.

Beijing confirmed it will closely monitor subsequent US actions and will adjust tariff measures as necessary in response to developments. It added that continuing to suspend some additional tariffs would help provide a more stable policy environment for economic and trade relations, and support the development of bilateral trade.

Port fee suspension for US vessels extended

China's Ministry of Transport announced on Monday the extension of the suspension of special port fees on vessels linked to the United States until January 10, 2027.

The ministry also said it would continue to suspend its investigation into the security of supply chains in the shipping and shipbuilding sectors, without providing further details on the reasons for the extension or when the investigation might resume.