China has lifted 24% tariffs on American goods. It has been decided to postpone it for one year. After the recent meeting between Chinese President Xi Jinping and US President Donald Trump in South Korea, where the US had reduced the tariff on China by 10%, China has now taken a major decision and provided relief to the US.
Signs of easing US-China trade tension
The meeting between Donald Trump and Xi Jinping is now having a significant impact and the US-China trade war is almost over. China made a big announcement on Wednesday, saying that it has postponed for one year the 24% tariff on all US goods entering China. However, the 10% tariff will remain in place. This decision of China indicates a reduction in trade tensions between the world’s two largest economies.
Tariffs will also be removed on agricultural products
In a statement issued by China’s State Council Tariff Commission, while it was decided to suspend the 24% tariff for one year and implement it with immediate effect, it was also announced that China, the world’s largest agricultural importer, will lift tariffs of up to 15% on US agricultural products from November 10 of this month.
Big relief to soybean farmers
This decision to completely remove tariffs on agricultural products will provide great relief to American exporters of products like soybean, corn and wheat. Especially soybean farmers, for whom China has always been the biggest market. The two countries have suffered huge losses of around $12 billion due to sanctions imposed amid tariff tensions, and soybeans appear to be a major concern for Trump.
a two-hour meeting took place
Trump and Jinping discussed comprehensive economic and trade agreements last week. After a two-hour closed-door discussion between the two Presidents, the US announced a 10% reduction in tariffs on China (US Cut China Tariff). Trump also said there were deals with China in every sector, from soybeans to rare earth minerals.
Describing the meeting held in Busan, South Korea as remarkable, Donald Trump said that this is a new beginning in the relations between the two countries. Giving details of the decisions taken during his talks with Xi Jinping, he said that several decisions have been taken and conclusions on several important issues will be issued soon. After this, China has now removed tariffs from America (China Removes US Tariff).
