China will halve U.S. product tariffs by $ 75,000 million


BEIJING (Sputnik) – China announced that it will cut US product tariffs by half by $ 75 billion starting next February 14.

The Chinese Ministry of Finance said in a statement that the 10% tariff applied to some US products since September 1 will decrease to 5%; and the 5% tariff will be reduced to 2.5% from 13:01 local time (05:01 GMT) on February 14.
The Customs Commission of the State Council of the PRC made this decision in “an attempt to promote healthy and stable development of economic and trade relations between China and the United States. ”
The statement expresses “the hope that both parties can fulfill their obligations under the agreement reached, strengthen market confidence, contribute to the development of economic and commercial relations and foster the growth of the world economy.”

On January 15, US President Donald Trump and Chinese Vice Premier Liu He signed an 86-page document known as the first phase of the trade agreement.
Beijing pledged to import US agricultural products for 50,000 million dollars a year and other goods of the US country for a total of 200,000 million over the next two years, in exchange for the abolition of tariffs imposed on Chinese products.
In addition, both countries agreed to protect patents, particularly medicines, and prohibit counterfeit products and misappropriation of trade secrets.

The agreement suspended the commercial war that the United States and China had waged since June 2018 when Trump announced the first tariff increase to products of the Asian giant to balance a negative balance for his country.


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