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China to halve duties on some US imports worth $75bn

China to halve duties on some US imports worth $75bn

Mubasher: China announced that it will halve retaliatory tariffs imposed on hundreds of US goods worth $75 billion, CNBC reported on Thursday.

Starting from 14 February, additional tariffs imposed on some US imports will be lowered to 5% from 10% and to 2.5% from 5% on others, the international news agency added, citing a statement from the Chinese Ministry of Finance.

The new rule applies to nearly $75 billion worth of US goods on which Beijing imposed tariffs on 1 September.

Accordingly, duties on US crude oil will be cut to 2.5% from 5%, while tariffs on soybeans will be lowered to 27.5% from 30%.  

The move, aimed at supporting “healthy and stable development of China-US trade”, corresponds to the US announcement to halve tariffs on $120 billion worth of Chinese goods on 14 February to 7.5% from 15%.

It is noteworthy that the world’s two largest economies signed a phase one deal, bringing a truce in the US-Sino trade war.