BEIJING (dpa-AFX) - The United States and China have agreed to extend a freeze on reciprocal tariff hikes on import of each other's goods for an additional 90 days.
The extension of pause comes into effect on Tuesday, the deadline set by the U.S. to impose an increased tariff of 54 percent on Chinese goods. China had announced that it would impose a tariff hike of 34 percent on American goods on the same day.
China will maintain the 10 percent tariff on U.S. goods while the United States will continue its import duty on Chinese goods at 30 percent until November 10.
The United States said in a joint statement with China that it will continue to modify the application of the additional ad valorem rate of duty on articles of China set forth in Executive Order of April 2 by suspending 24 percentage points of that rate for an additional period of 90 days, while retaining the remaining ad valorem rate of 10 percent on those articles pursuant to the terms of said Order.
China said that it will maintain all necessary administrative measures to suspend or remove the non-tariff countermeasures taken against the United States as agreed in the Geneva Joint Statement.
This agreement is based on the bilateral discussions that took place during the China-U.S. Economic and Trade Meeting in Stockholm last month.
In a separate Fact Sheet, the White House said President Donald Trump signed an Executive Order continuing the suspension of heightened tariffs on China. 'This action is necessary to facilitate ongoing and productive discussion with China about remedying trade imbalances, unfair trade practices, expanding market access for American exports, and aligning with the United States on national security and economic matters'.
The White House said trade discussions with China have been constructive, and added that the United States will continue trade talks with China to promote fair trade practices and support American workers.
'We're getting along with China very well,' the White House quoted President Trump as saying on Monday.
The U.S. goods trade deficit with China was $295.4 billion in 2024 - the largest with any trading partner. On an annual basis, this deficit is already decreasing substantially.
The U.S. and China are working to address these imbalances to deliver real, lasting benefits to American workers, farmers, and businesses, according to the White House.
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