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China to Cut Tariffs on $75 Billion in US Imports, Says Official

AFP

Last Updated: February 06, 2020, 11:02 IST

File photo: US President Donald Trump introduces Chinese Vice Premier Liu He to speak during a signing ceremony for "phase one" of the US-China trade agreement in the East Room of the White House in January

File photo: US President Donald Trump introduces Chinese Vice Premier Liu He to speak during a signing ceremony for "phase one" of the US-China trade agreement in the East Room of the White House in January

The reduction will apply to levies of five percent and 10 percent that were imposed on more than 1,700 items in September, according to the State Council Tariff Commission.

Beijing: China said on Thursday it will halve punitive tariffs on $75 billion in US imports from February 14, a month after Beijing and Washington signed a truce in their long-running trade war.

The reduction will apply to levies of five percent and 10 percent that were imposed on more than 1,700 items in September, according to the State Council Tariff Commission.

Products that had been hit by the 10 percent tariffs included fresh seafood, poultry and soybeans. The tariffs also applied to items such as tungsten lamps for scientific and medical purposes, as well as some types of aircraft.

The move is aimed at "promoting the healthy and stable development of China-US economic and trade relations", the Commission said in a statement. It said it "hopes that both parties will be able to abide by their agreement, strive to implement its relevant content, (and) boost market confidence".

The US and China in January signed a partial deal that dialled down tensions in their bruising trade war, with Beijing agreeing to buy an additional $200 billion in American goods over the next two years.

The tariff reductions also come as China grapples with a shortage of resources in its fight against the new coronavirus, which has claimed more than 560 lives.​
first published:February 06, 2020, 11:01 IST
last updated:February 06, 2020, 11:02 IST