China Extends Pause on 24% US Tariffs to January, Keeps 10% Rate

(Bloomberg) -- China will suspend an additional 24% tariff on US goods for another two months, formalizing a decision by the two countries' leaders to prolong their trade truce until next January.

The move will take effect at 1:01 p.m. Beijing time on Tuesday, with a 10% blanket tariff retained on US imports, the Customs Tariff Commission of the State Council said in a statement. China will also extend its suspension of special fees on American ships docking at its ports until Jan. 10, the Transport Ministry said in a separate statement on Monday.

The new timeline is a result of the agreement reached by Presidents Donald Trump and Xi Jinping in September to extend their tariff ceasefire until early next year. The truce, originally set to expire on Nov. 10, was struck in Busan, South Korea in October 2025, where both sides agreed to suspend their mutual 24% levies while leaving the 10% rate in place.

The US and China imposed the levies at the start of their tit-for-tat trade escalation started by Trump shortly after he returned to the White House last year.

China said it will closely monitor US plans to replace Trump's emergency tariffs — which were overturned by the Supreme Court earlier this year — with duties imposed under Section 301 of the Trade Act of 1974. In the statement, it warned that Beijing may adjust its countermeasures accordingly.

Trump and Xi are set to meet at the Asia-Pacific Economic Cooperation gathering in Shenzhen later this month for what will be their third summit this year. At their last round of talks in Washington in September, they agreed to extend the trade truce until Jan. 10.

While US-China ties have stabilized, signs of tensions have lingered.

Last week, Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer spoke with China's Vice Premier He Lifeng, raising concerns about Beijing's recent actions and the importance of implementing commitments made as part of the deal reached in Busan.

In a statement, Greer's office said he used a video call to emphasize the critical importance for China to take "concrete actions" to implement its pledges, specifically on "agricultural purchases, rare earths, and other critical minerals."