MNI BRIEF: China Lays Out Details Of U.S. Agreement - Mofcom

The U.S. has agreed to remove a 10% fentanyl tariff imposed on Chinese goods, while its 24% reciprocal tariff will continue to be suspended for one year, a spokesperson for China’s Ministry of Commerce said on Thursday, answering a reporter's question on the joint arrangement reached between China and the U.S. during the Kuala Lumpur economic and trade consultations this week.

The Chinese side will make corresponding adjustments to its countermeasures against these U.S. tariffs, the spokesperson added. Washington will also suspend the 50% entity ownership rule on export controls announced on Sept 29 for one year, with Beijing halting its related export control measures announced on October 9 for one year also, the ministry said. 

Additionally, The U.S. side will suspend its Section 301 investigative measures targeting China’s maritime, logistics, and shipbuilding industries for one year and the Chinese side will also delay its corresponding countermeasures for the same time period.