China suspends planned additional tariffs on some U.S. goods: gov't

16, Dec. 2019

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BEIJING, Kyodo - China has suspended planned additional tariffs on U.S. imports, scheduled to be implemented at 12:01 p.m. Sunday, the government said, days after the world's two biggest economies agreed on a "phase-one" trade deal.

Earlier this year, Beijing decided to impose additional tariffs of up to 10 percent on U.S. products worth $75 billion. Some have been levied since Sept. 1, with the remainder, including those on chemical goods, slated to take effect Sunday.

The Chinese government, however, added that those tariffs on U.S. imports which have been already imposed would remain in place.

"China hopes to work together with the United States, on the basis of equality and mutual respect, to properly resolve each other's core concerns and promote the stable development of Sino-U.S. economic and trade relations," the government said in a statement.

On Friday, China and the United States said they finalized a partial trade deal, with Washington agreeing to scrap existing punitive tariff rates imposed on some Chinese goods in return for Beijing's commitment to substantially increase its purchases of farm goods.

U.S. President Donald Trump tweeted, "We have agreed to a very large Phase One Deal with China," bringing a temporary truce in the bruising trade war that has played out for more than a year.

Beijing, meanwhile, pledged to address U.S. concerns in the areas of intellectual property protection, forced technology transfer, financial services and the use of currency manipulation as a way to boost exports. (Kyodo)