China has confirmed the suspension of the 24% additional tariffs on US goods in a move aimed at easing trade tensions with Washington. According to the State Council’s tariff commission, the new policy will take effect on November 10, signaling a major shift in Beijing’s approach to the long-running trade dispute. The decision comes as markets seek relief from months of uncertainty and escalating economic pressure.
Bitcoin reacted sharply to the announcement, rallying 3% to surpass the $100,000 mark for the first time in weeks. At the moment, Bitcoin is trading at $101,655 after the news broke, underscoring investors’ renewed confidence in risk assets. Analysts said the easing of tariffs could fuel a broader market rebound as investors regain appetite for growth-driven assets.
Markets Rally on Signs of US-China Trade De-escalation
China’s decision to lift the 24% levy is being viewed as a strategic step toward normalizing trade relations. Market observers believe the move will help stabilize global sentiment and reduce pressure on sectors directly affected by tariffs. However, Beijing will retain its 10% “retaliatory tariffs,” which were originally introduced in response to former US President Donald Trump’s trade policies.
Additionally, by November 10, the commission will remove up to 15% in extra taxes on specific US agricultural goods. This adjustment is expected to offer partial relief to farmers and exporters hit hard by the prolonged trade war. Despite this, Chinese buyers of US soybeans will continue to face a 13% tariff alongside an existing 3% duty, keeping American imports costlier than Brazil’s supply.
Investor Optimism Builds as Trade Relations Improve
Besides the tariff cuts, China’s state-owned COFCO recently purchased three US soybean cargoes, a gesture widely seen as a signal of goodwill. Market analysts say such actions could pave the way for broader cooperation between Beijing and Washington.
Moreover, optimism has strengthened following US President Donald Trump’s meeting with China’s leader in South Korea, where both sides hinted at a willingness to resolve their economic rift. Investors now expect a reciprocal move from Washington that could accelerate recovery across global markets.
The suspension of additional tariffs represents a turning point in the US-China trade dynamic. As tensions ease, confidence is flooding back into financial markets, with Bitcoin’s surge above $100,000 highlighting a renewed wave of optimism among global investors.