China to Cut Retaliatory Tariffs on US Imports, Hopes to Eliminate 'All Tariff Increases'
China’s Ministry of Finance said it will halve retaliatory tariffs on $75 billion worth of U.S. imports beginning Feb. 14, according to an unofficial translation of a Feb. 5 news release. Tariffs on some U.S. goods will fall from 10 percent to 5 percent, China said, while others will drop from 5 percent to 2.5 percent. The tariffs stem from China’s Sept. 1 tranche of retaliatory tariffs (see 1909030055).
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China said it will reduce the tariffs to “alleviate economic and trade frictions and expand economic and trade cooperation” with the U.S., according to an unofficial translation of a Feb. 5 guidance from the State Council Tariff Commission. China said its next round of tariff cuts will depend on the progress of the U.S.-China “economic and trade situation,” and said it hopes to work with the U.S. “towards the ultimate elimination of all tariff increases.” The announcement came less than a month after the U.S. and China agreed to a phase one trade deal (see 2001150073).