diff --git a/migration/ram.c b/migration/ram.c
index 998ee96e63050599c7955b3a7b1549c5cd629665..bb829c9d38581256ac975f98c7311d1a1702b7c8 100644
--- a/migration/ram.c
+++ b/migration/ram.c
@@ -956,9 +956,11 @@ static void mig_throttle_guest_down(uint64_t bytes_dirty_period,
     uint64_t throttle_now = cpu_throttle_get_percentage();
     uint64_t cpu_now, cpu_ideal, throttle_inc;
 
+    int new_throttle_pct;
+
     /* We have not started throttling yet. Let's start it. */
     if (!cpu_throttle_active()) {
-        cpu_throttle_set(pct_initial);
+        new_throttle_pct = pct_initial;
     } else {
         /* Throttling already on, just increase the rate */
         if (!pct_tailslow) {
@@ -971,8 +973,10 @@ static void mig_throttle_guest_down(uint64_t bytes_dirty_period,
                         bytes_dirty_period);
             throttle_inc = MIN(cpu_now - cpu_ideal, pct_increment);
         }
-        cpu_throttle_set(MIN(throttle_now + throttle_inc, pct_max));
+        new_throttle_pct = MIN(throttle_now + throttle_inc, pct_max);
     }
+    trace_migration_throttle(new_throttle_pct);
+    cpu_throttle_set(new_throttle_pct);
 }
 
 void mig_throttle_counter_reset(void)
@@ -1460,7 +1464,6 @@ static void migration_trigger_throttle(RAMState *rs)
         (++rs->dirty_rate_high_cnt >= 2)) {
         rs->dirty_rate_high_cnt = 0;
         if (migrate_auto_converge()) {
-            trace_migration_throttle();
             mig_throttle_guest_down(bytes_dirty_period,
                                     bytes_dirty_threshold);
         } else if (migrate_dirty_limit()) {
diff --git a/migration/trace-events b/migration/trace-events
index 246710f4886f128db570130235ab6705b2f9355a..7393d945962236458c42c220a40f91c04223a8df 100644
--- a/migration/trace-events
+++ b/migration/trace-events
@@ -91,7 +91,7 @@ get_queued_page_not_dirty(const char *block_name, uint64_t tmp_offset, unsigned
 migration_bitmap_sync_start(void) ""
 migration_bitmap_sync_end(uint64_t dirty_pages) "dirty_pages %" PRIu64
 migration_bitmap_clear_dirty(char *str, uint64_t start, uint64_t size, unsigned long page) "rb %s start 0x%"PRIx64" size 0x%"PRIx64" page 0x%lx"
-migration_throttle(void) ""
+migration_throttle(int new_throttle_pct)  "guest CPU throttled by %d%%"
 migration_dirty_limit_guest(int64_t dirtyrate) "guest dirty page rate limit %" PRIi64 " MB/s"
 ram_discard_range(const char *rbname, uint64_t start, size_t len) "%s: start: %" PRIx64 " %zx"
 ram_load_loop(const char *rbname, uint64_t addr, int flags, void *host) "%s: addr: 0x%" PRIx64 " flags: 0x%x host: %p"