After the meeting between the President of China, Xi Jinping, and Donald Trump in South Korea, diplomatic and commercial relations between both powers have been relaxed with the reduction of tariffs on imports.
MADRID, 5 Nov. (EUROPA PRESS).- Las chinese authorities confirmed that the “additional tariff” of 24 percent on imports of goods from United States (EU) “will remain suspended for one year”, thus adding to the trade truce reached after the meeting they held last week in South Korea the presidents of both countries, Donald Trump y Xi Jinping.
He Chinese Ministry of Finance reported this Wednesday of the decision “in order to implement the consensus reached in the trade consultations between China y EU“of the Customs Tariff Commission of the State Council to “cease” from next November 10 the additional tariff measures” stipulated last March, which imposed an extra tax of 15 percent on imports of pollo, wheat, corn y cotton coming from EU.
Likewise, in a separate decision that will also take effect from November 10, the Commission announced that the additional 24 percent tariff on US goods “will remain suspended for one year”, while the additional 10 percent tariff on such goods will remain in force.
“The suspension of certain bilateral tariffs by China and the United States is in the fundamental interest of both countries and their people, meets the expectations of the international community and contributes to elevating bilateral economic and trade relations to a higher level,” he explained.
On the other hand, the Chinese Ministry of Commerce reported that “to implement the consensus reached in the China EU trade consultations” it decided to suspend from November 10 the measures against 15 US entities that were included in March on the list of unreliable entities, while it decided to extend for one year the suspension of the measures against 16 US entities included in the list in April.
Beijing’s announcement of these measures points to the thaw in the trade relationship between the two powers, after last week, US President Donald Trump announced an agreement with his Chinese counterpart, Xi Jinping, by which the US reduced the tariffs imposed in retaliation for fentanyl trafficking from 20 percent to 10 percent immediately, adding that, within the framework of the negotiations, Beijing committed to purchasing “enormous” quantities. of American soybeans and that “there are no more restrictions on rare earths”, so Beijing agreed to suspend controls on exports of these minerals for one year.