China has decided to suspend an additional 24% tariff on US goods for one year while retaining a 10% levy, the country’s State Council Tariff Commission announced on Wednesday, reported news agency Reuters.

The move comes shortly after last week’s meeting between Chinese President Xi Jinping and US President Donald Trump, which marked a step towards easing trade tensions between the world’s two largest economies.

According to the statement released by the State Council Tariff Commission, the suspension will take effect immediately and last for one year. However, the existing 10% tariff on US goods will remain in place during this period.

The decision is seen as part of ongoing efforts by both nations to stabilise bilateral trade relations after years of economic friction that had intens

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