China Eases Tariffs on U.S. Goods

China has announced that it will suspend retaliatory tariffs on certain imported goods from the U.S. following a meeting between the leaders of the two countries last week.

According to Reuters, the State Council’s tariff commission indicated that starting November 10, it will eliminate tariffs of up to 15% on specific agricultural products imported from the U.S. However, a 13% tariff on soybean imports will remain in effect.

The commission noted that the retention of certain tariffs is related to the "Day of Liberation" tariffs imposed by former President Donald Trump, which were a response to a package of countermeasures from Beijing.

This new step is seen as a signal to ease trade tensions and potentially pave the way for further negotiations.