ECONOMY

US cancels China tariffs due on Sunday: Trump

File photo shows US President Donald Trump and China's President Xi Jinping leaving a business leaders event at the Great Hall of the People in Beijing. (AFP)

President Donald Trump confirmed Friday he is canceling new tariffs on China, that had been due to kick in at the end of this week, as part of a “phase one” trade deal.

The tariffs “will not be charged because of the fact that we made the deal,” he tweeted after Beijing first announced a breakthrough in the US-China trade war.

Trump said that existing tariffs of 25 percent on $250 billion of Chinese imports will stay in place pending further negotiations on a second phase deal, along with 7.5 percent tariffs on another $120 billion of imports.

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Last Update: Saturday, 14 December 2019 KSA 10:29 - GMT 07:29
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