China and the United States suspend 24% tariffs again
According to the website of China's Ministry of Finance, with the approval of the State Council, the State Council Tariff Commission (SCTC) announced that, effective at 12:01 PM on August 12, 2025, the tariff increase measures stipulated in the "SCTC Announcement on Additional Tariffs on Imported Goods Originating in the United States" (SCTC Announcement No. 4 of 2025) will be adjusted. The 24% additional tariff rate on the US will continue to be suspended for 90 days, while the 10% additional tariff rate will remain.
The continued suspension of some bilateral tariff increases between China and the US further implements the important consensus reached during the June 5th phone call between the two presidents. It will contribute to achieving the development goals of both sides and promote the development and stability of the world economy.