China to cut tariffs on $75 billion in US imports: Official

Flags of US and China are displayed at American International Chamber of Commerce (AICC)’s booth during China International Fair for Trade in Services in Beijing, China, May 28, 2019. (File photo)

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 dialed 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.

Last Update: 05:18 KSA 08:18 - GMT 05:18