The move is in response to the US also implementing reductions in tariffs on Chinese products, as part of the ongoing interim trade deal between both countries. The two nations in January signed phase-one of the deal, which brought a pause to the trade war and would cut tariffs on the others’ goods.
SINGAPORE (Feb 6): China’s Ministry of Finance announced that it will be halving its tariffs on some US$75 billion ($103.5 billion) worth of imports from the US, effective from Feb 14. This Valentine’s Day, China will be extending an olive branch and lowering its punitive tariffs on American goods.
The tariffs were implemented on Sept 1 last year. Some of the rates will be dropped to 5% from 10%, while others will be lowered to 2.5% from 5%.
