China and the United States have agreed to extend the suspension of certain additional tariffs for another 90 days, beginning August 12, as part of efforts to strengthen economic cooperation and maintain global market stability.
According to a joint statement issued after their bilateral economic and trade meeting in Stockholm, both nations will continue to suspend 24 percentage points of the additional ad valorem duty on each other’s imports. The suspension applies to goods from the Chinese mainland as well as the Hong Kong and Macao Special Administrative Regions.
China’s Customs Tariff Commission confirmed that while the 24 percentage point suspension remains in effect, the existing 10 per cent additional duty on certain US imports will be retained. The United States will apply a similar measure to Chinese goods.
Officials said the decision aligns with the consensus reached between the two countries’ leaders during phone talks on June 5. The move is intended to serve the developmental interests of both nations and contribute to the growth and stability of the world economy.
The extension reflects a mutual commitment to easing trade tensions, fostering economic collaboration, and supporting the stability of global supply chains.
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