China initiated tariff adjustments on US imports following a mutual agreement with Washington to implement a 90-day suspension of punitive duties after talks in Geneva.
China began implementing tariff adjustments on US products starting at 12:01 p.m. Beijing time (0401GMT) on Wednesday, in accordance with an agreement reached with the United States during recent trade talks in Geneva, Xinhua News Agency reported.
The Customs Tariff Commission of the State Council announced that it would suspend 24 percentage points of the additional ad valorem duty on specified US goods for an initial period of 90 days, while maintaining a 10% rate on those same items.
Additionally, Beijing has removed the modified additional duties previously imposed on April 9 and 11.
The decision follows a joint announcement by Beijing and Washington on Monday, confirming a temporary rollback of reciprocal tariff measures after a series of intensive negotiations.
The Geneva talks were prompted by President Donald Trump’s decision to raise tariffs on Chinese imports to 145%, which led China to retaliate with 125% duties on American goods.
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Here's your AnewZ Technology Daily Brief for the 13th of November. This week, a Microsoft outage hit Australian agencies, Google restricted mapping data in South Korea, a lawsuit targeted advanced AI development, and Nvidia faced a leadership crisis after Jensen Huang's resignation.
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