Breaking News! China Cuts U.S. Tariffs Worth $75bn by Half for Healthy Relationships!
China cut U.S. import tariffs worth $75bn by half, saying the cut was to advance the development between the two countries.
On February 6, 2020, China has announced that it will ease tariffs on U.S. import goods worth around $75 billion by half.
China’s Ministry of Finance has said in a statement that the tariffs on, yet to specify, hundreds of U.S. goods will be reduced from 10% to 5% while some will be cut from 5% to 2.5% on February 14.
The tariffs that China aims to cut are among those that slapped the U.S. on September 1, 2019, to retaliate the U.S. for imposing more tariffs on Chinese goods.
The U.S. and China were expected to meet for further discussion on their trade deal, especially the “Phase 2” deal, this month, but the virus outbreak had caused the meeting to be postponed.
The Ministry of Finance has mentioned in the statement that the move in cutting tariffs was made to “advance the healthy and stable development of China-U.S. trade.”
