China to lower rates of additional tariffs on some U.S. products
BEIJING, Kyodo - China will next week lower additionally imposed tariffs on about $75 billion worth of goods imported from the United States, the government said Thursday, according to local media.
The measure is meant to "promote the healthy and stable development of Sino-U.S. economic and trade relations," the official Xinhua News Agency quoted the Customs Tariff Commission of the State Council as saying.
Effective on Feb. 14, China will halve the tariff rate of 5 percent or 10 percent for the U.S. products that became subject to additional tariffs in September.
The measure follows a so-called phase-one deal reached in mid-January between the United States and China as a truce in their two-year trade war.
The agreement, which will lead to a rollback of some U.S. tariffs and require China to boost purchases of farm and other products, will enter into force on Feb. 14. (Kyodo)