Source: Mysteel / State Council Tariff Commission of China / Ministry of Commerce of China
China's Tariff Commission of the State Council announced on November 10, 2026 that, effective from 13:01 Beijing time the same day, it would continue suspending the additional 24 percent tariff on goods originating from the United States for another two months, while retaining the 10 percent additional tariff. The commission said the adjustment implements the consensus reached during the latest round of China-United States economic and trade consultations, and extends the de-escalation arrangement that has kept bilateral tariffs at their current reduced level since earlier truce rounds.
The tariff extension was accompanied by a wider set of matched measures. The Ministry of Commerce said that from November 10 the suspension of export-control list measures under Announcement No. 21 of 2025, the suspension of the unreliable entity list mechanism under Announcement No. 7, and the countermeasures against five US-related subsidiaries of South Korea's Hanwha Ocean would each continue for two more months. The Ministry of Commerce and the General Administration of Customs separately confirmed that several export-control announcements covering rare earths would remain suspended until January 10, 2027, while the Ministry of Transport extended the waiver of special port dues charged to US-owned vessels to the same date.
For the steel and metals sector the truce matters mainly through indirect channels. Direct steel trade between China and the United States remains small, but the tariff pause supports exports of machinery, vehicles, home appliances and construction equipment that consume Chinese steel indirectly, an outlet that has grown more important as overseas anti-dumping barriers tighten on finished steel products. A calmer trade relationship also lowers the risk of renewed escalation disrupting flows of raw materials and industrial equipment used by Chinese mills.
Market data indicate traders remain cautious despite the policy support. Mysteel surveys show global iron ore shipments fell 5.57 million tonnes week on week to 29.91 million tonnes in the week ending November 8, with arrivals at 47 Chinese ports down 2.50 million tonnes to 27.64 million tonnes. Daily hot metal output among 247 mills slipped to 2.31 million tonnes, and 76 independent electric arc furnace mills producing construction steel averaged a loss of 37 yuan per tonne. In Hebei, several cities activated air-pollution emergency responses, though Mysteel's survey of twelve mills in Tangshan and Handan found the curbs concentrated in sintering operations, affecting only about 4,500 tonnes of hot metal per day. Analysts said the truce underpins market sentiment, but near-term steel prices will still be decided by domestic supply and demand fundamentals as the construction off-season deepens.
