China to Cut Tariffs on $75 Billion
of US Imports
February 06, 2020
China says it will cut tariffs on $75
billion of U.S. imports as part of a preliminary agreement between the
economic giants to end their trade war.
The Finance Ministry released a statement Thursday saying it will cut
tariffs on some goods from 10% to 5%, and others from 5% to 2.5%,
effective February 14 at 0501 GMT (midnight Washington).
The tariff cuts will cover a range of goods from soybeans, pork, fresh
seafood, auto parts. The cuts imposed by Beijing will take effect the
same day Washington is expected to cut tariffs on $120 billion worth of
The tariff cuts are part of a "phase one" deal signed by negotiators
from both nations last month that ended a series of escalating
tit-for-tat tariffs that began in June 2018, sparked by President Donald
Trump's initial demand for changes in China's trade, subsidy and
intellectual property practices.
Trump administration says it won an expansion of American agricultural
and energy exports to China under the truce agreement.
The deal also includes a promise by Beijing to give more protection for
American companies' intellectual property, and halt the practice of
forcing foreign companies to transfer technology. It remains unclear how
those provisions will be enforced.
The U.S. also wants Beijing to curb subsidies to state-owned enterprises
and grant American companies greater access to China's markets.
of Use | Copyright
© 2002 - 2019
SM CORPORATION. All
rights reserved. |