China Announces Suspension of Planned Tariff Increase on US Imports

China suspended its tariff increase on U.S. imports scheduled to take effect Dec. 15, according to a report from Xinhua, China’s state-run news agency. The decision to suspend the tariffs, which resulted from an agreement on a phase one deal between the two sides (see 1912130035), covered a planned 10 percent and 5 percent increase on certain goods, Xinhua said. The country will also “continue to suspend” additional tariffs on U.S. vehicles and auto parts and continue to work on tariff exemptions for certain U.S. imports, including pork and soybeans (see 1912060033).