CHINA – On Wednesday, China said that it had suspended 24% of imposed tariffs on US imports for an year.

The move comes after Chinese President Xi Jinping and his US counterpart Donald Trump held a summit last week in South Korea, with the two sides deciding on a one-year deal in trade and tariffs.

China will, however, retain the 10% levies, said the Customs Tariff Commission of the State Council.

The new measures will take effect at 1.01 pm (0501GMT) on Nov. 10, it added.

It said the decision “aims to implement the outcomes and consensus reached in the China-US economic and trade talks.”

China and the US held several rounds of talks toward a trade deal, which was on the agenda during the Xi-Trump summit in South Korea’s port city of Busan on Oct. 30.

“The continued suspension of certain additional tariffs between China and the United States will help promote the sound, stable, and sustainable development of bilateral economic and trade relations, bring benefits to the people of both countries, and contribute to global prosperity,” the commission added.

It said China will also terminate the additional tariff measures stipulated in an earlier announcement on certain imports originating from the US.

Early this year in March, China imposed an additional 15% tariff on imported chicken, wheat, corn, and cotton originating from the US.

Sorghum, soybeans, pork, beef, aquatic products, fruits, vegetables, and dairy products were subject to an additional 10% tariff.

Separately, addressing a news conference in Beijing, Foreign Ministry spokeswoman Mao Ning said China’s policy on the US “maintains consistency.”

“We always view and handle relations with the US under the principles of mutual respect, …. win-win cooperation. Meanwhile, we will firmly defend our sovereignty, security, and development interests,” Mao said.

“A sound and steady China-US relationship is in the fundamental interests of the two peoples, and (it) is what the international community looks forward to,” she added.