China suspends 24% tariffs on US goods for one year, but retains import duty on a key product — What we know

The Chinese government, on Wednesday, 5 November 2025, confirmed that the Asian nation is suspending the retaliatory tariffs on all goods imported from the United States, while retaining a 13% tariff on soybean imports into the country, reported the news agency Reuters.

According to the agency report citing the Chinese Cabinet, the government will remove its additional 24% tariff rate for one year on all goods imported from the United States, which it imposed in April 2025.

Soybeans import duty to China's tariff stance

China's tariff commission announced that the country will remove its import duties of 15% on US agricultural goods effective 10 November 2025. However, the authority also informed that the country will retain a 10% import duty on all goods imported from the United States as a response to US President Donald Trump's ‘reciprocal tariff’ move.

Part of the new trade deal, China has decided to retain their 13% tariff on all soybean imports from the United States as the nation now eyes alternative sources for the commodity in the world market.

“Broadly, it's a great sign that the two sides are making rapid progress in putting the deal into effect,” Even Rogers Pay, a director at Beijing-based Trivium China, told the news agency.

This move from China comes after President Donald Trump and President Xi Jinping met in South Korea, as the largest economies in the world, aimed to resolve the tariff war with their trade talks on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit.

After Trump's meeting with Xi Jinping, White House announced that China will purchase at least 12 million metric tonnes of US-made soybeans in the last two months of 2025 and at least 25 million tonnes of the commodity in the next three years, according to the agency report.

However, China is yet to confirm these import figures as part of the trade deal with the United States. The agency report also cited traders who say that the soybean shipments imported from the US are more expensive than their Brazilian alternatives.

Trump cuts tariffs on Chinese imports

US President Donald Trump has decided to cut the tariffs on fentanyl imports down to 10%, compared to 20% as the Western nation seeks to ease the burden on US importers.

The new tariff rates will be effective from 10 November 2025. Mint reported earlier that Trump also announced that the tariff truce will be extended for a year with China, as he cut the reciprocal tariff rate to 10%, compared to their earlier 34% levels.

Even though the trade deal between the US and China fell short of any enduring settlement, it sets the stage for renegotiations between the two nations in a year and any potential disagreements over enforcement before that.