China will halve tariffs on some $75 billion of imports from the US later this month, reciprocating a US action and likely satisfying part of the interim trade deal.
The cut will be effective from 1.01 pm. on February 14 in Beijing, according to a Ministry of Finance statement on Thursday, the same time as when the US will implement reductions in tariffs on Chinese products. Punitive Chinese duties on American goods that were adopted from September 1 last year will be lowered, with the rate on some dropping to 5 per cent from 10 per cent, and the others to 2.5 per cent from 5 per cent.
Both nations agreed to cut tariffs on each other’s’ 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.
