According to the statement of the Committee on Customs Tariffs of the State Council of the People's Republic of China, on November 10, measures to levy additional duties on certain categories of American products are terminated. The Ministry noted that this step is aimed at implementing the consensus reached by the parties during the negotiations.
The cancellation of duties followed a period of trade tensions between the two countries. Earlier, the United States announced its intention to introduce new 100% tariffs and export restrictions, but the meeting of Chinese President Xi Jinping and President Donald Trump in Busan allowed the parties to soften positions and discuss the gradual lifting of restrictions.
Experts believe that Beijing's decision indicates a desire to stabilize bilateral economic relations and create conditions for further expansion of trade. In their opinion, the easing of tariff pressure may be a signal for the gradual restoration of mutual trust between the world's largest economies.
