China to halve tariffs on US$75 billion US goods
Friday 14 Feb 2020Chinese duties on American goods adopted on 1 September last year will be lowered, with the rate on some dropping to 5% from 10%, and the others to 2.5% from 5%. China will halve tariffs on some $75 billion of imports from the U.S. later this month, reciprocating a U.S. action and likely satisfying part of the interim trade deal.
The cut will be effective from 1:01 p.m. on Feb. 14 in Beijing, according to a Ministry of Finance statement , the same time as when the U.S. will implement reductions in tariffs on Chinese products. Punitive Chinese duties on American goods that were adopted from 1 September last year will be lowered, with the rate on some dropping to 5% from 10%, and the others to 2.5% from 5%.
Both nations agreed to cut tariffs on each others’ goods as part of the phase-one deal signed last month. Even with the world’s two biggest economies pausing their trade war, duties remain on large parts of their bilateral trade with numerous other points of friction in the relationship.
The ongoing coronavirus, is also raising concerns that the Asian nation might have to cancel orders if the situation worsens. Other retaliatory tariffs China has imposed on U.S. goods will remain, according to the statement.
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