Ministry of Commerce: China and the United States will simultaneously suspend certain tariffs and regulatory measures for one year.

On October 30, the Ministry of Commerce: The U.S. side will cancel the so-called “fentanyl tariff” of 10% imposed on Chinese goods (including goods from the Hong Kong Special Administrative Region and the Macao Special Administrative Region), and the 24% equivalent tariff on Chinese goods (including goods from the Hong Kong Special Administrative Region and the Macao Special Administrative Region) will continue to be suspended for one year. The Chinese side will adjust its countermeasures in response to the above-mentioned tariffs from the U.S. side accordingly. Both sides agree to continue extending certain tariff exclusion measures. The U.S. side will suspend the implementation of its export control 50% penetration rule announced on September 29 for one year. The Chinese side will suspend the implementation of related export control measures announced on October 9 for one year and will study and refine specific plans. The U.S. side will suspend the implementation of its Section 301 investigation measures on maritime, logistics, and shipbuilding industries for one year. After the U.S. side suspends the relevant measures, the Chinese side will also suspend the implementation of countermeasures against the U.S. side for one year. ( Jin10 )