China cuts tariffs on imports to $ 75 billion

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File photo: US President Donald Trump introduces Chinese Vice Premier Liu He, who speaks for the office during a signing ceremony

File photo: US President Donald Trump introduces Chinese Vice Premier Liu He, who speaks for the office during a signing ceremony

File photo: US President Donald Trump introduces Chinese Vice Premier Liu He, speaking in January during a signing ceremony for the first phase of the US-China trade agreement in the White House's east room

According to the State Council's tariff commission, the reduction applies to levies of five and ten percent, which were levied on more than 1,700 items in September.

  • AFP
  • Last updated: February 6, 2020, 11:02 am

Beijing: China announced on Thursday that it would halve US $ 75 billion in punitive import duties from February 14, a month after Beijing and Washington signed a ceasefire in their longstanding trade war.

According to the State Council's tariff commission, the reduction applies to levies of five and ten percent, which were levied on more than 1,700 items in September.

Products affected 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 for some types of aircraft.

The move aims to "promote the healthy and stable development of economic and trade relations between China and the United States," said a statement from the Commission. It hopes that "both parties will be able to meet their agreement, strive to implement the relevant content and strengthen market confidence."

The US and China signed a partial contract in January that eased the tensions in their bloody trade war, and Beijing agreed to buy additional $ 200 billion in American goods over the next two years.

The tariff cuts are also due to the fact that China is facing a lack of resources to fight the new corona virus, which killed more than 560 people.