BEIJING - China said on Nov 5 it would extend a suspension of additional tariffs on US goods for one year, making official an agreement reached in talks between presidents Xi Jinping and Donald Trump last week.

The two leaders

held talks in South Korea

at the end of October that effectively extended a delicate truce for a year, after several rounds of trade negotiations in recent months.

A statement published on Nov 5 on the Ministry of Finance website, citing Beijing’s State Council, said that “for one year the 24 per cent tariff on US goods will continue to be suspended, (and) a 10 per cent tariff on US goods will remain”.

The statement said the pause follows “the consensus reached in the China–US economic and trade consultations” and would be effective from Nov 10.

Mr Trump on Nov 4 formalised an agreement that

Washington would cut its additional tariffs

on Chinese imports from 20 per cent to 10 per cent, also effective from Nov 10.

Temperatures have spiked between the world’s two biggest economies this year as Washington and Beijing imposed escalating tariffs on each other’s products.

At one point, duties on both sides reached prohibitive triple-digit levels, hampering trade.

The two have been engaged in an uneasy truce since, as top economic leaders met several times for talks in recent months, with tensions surging over export controls and other issues.

In a separate statement, China said it would “cease implementing the additional...