US Extends Tariff Exclusion on Some Chinese Goods for 1 Year Following Trade Truce
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The United States has extended its reprieve on tariffs on some Chinese products for one year, following the trade deal announced earlier this month between President Donald Trump and Chinese leader Xi Jinping.
“Only ten of these exclusions also received comments opposing extension. Generally, commenters opposing extension claimed that products covered by an exclusion are available outside of China, and some comments asserted an adverse impact to a competing domestic industry.”
The trade office noted that this decision came in light of the economic and trade deal struck between Trump and Xi following their summit in South Korea on Oct. 30.
Treasury Secretary Scott Bessent later confirmed the call was initiated by the U.S. side, saying the current relationship between the two countries is in a good place.
“We’re always going to be rivals. That’s natural. But are there things we can do together? Yes, we have the relationship in a good place.”
The Treasury chief said the two leaders could meet as many as four times next year.
Trump may attend the 2026 Asia-Pacific Economic Cooperation summit, which will be hosted by China in Shenzhen, a tech hub bordering Hong Kong, following an expected visit to Beijing in April. Meanwhile, Xi may make a state visit to the United States and attend the G20 summit in Florida.
“So if there are four meetings during the year, I think that that gives the relationship great stability,” Bessent said. “And stability is good for the American people and good for the world economy.”
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