China suspends 24% tariff on US goods for a year, retains 10% duty after Xi-Trump meet

China will suspend its 24% additional tariff on U.S. goods for one year while retaining a 10% levy, the State Council’s tariff commission said on Wednesday. The move comes days after a meeting between President Xi Jinping and U.S. President Donald Trump, signalling a cautious easing of trade tensions between the world’s two largest economies.

The commission also announced that China, the world’s largest agricultural importer, will lift tariffs of up to 15% on U.S. farm goods starting November 10.

(This is a developing story. More updates to follow)