Ministry of Commerce: China will temporarily suspend the implementation of the export control measures announced on October 9 for one year.

According to the Zhitong Finance and Economics APP, on October 30th, the spokesman for the Ministry of Commerce answered questions from reporters on the China-US Kuala Lumpur economic and trade consultations. The consensus reached by the China-US economic and trade teams through the Kuala Lumpur consultations mainly includes the following aspects: 1. The US will cancel the 10% so-called "fentanyl tariff" imposed on Chinese goods (including goods from the Hong Kong and Macao Special Administrative Regions), and the 24% retaliatory tariff imposed on Chinese goods (including goods from the Hong Kong and Macao Special Administrative Regions) will continue to be suspended for one year. China will adjust corresponding countermeasures against the above-mentioned tariffs imposed by the US. Both sides agreed to extend some tariff exclusion measures.