China to halve rates of additional tariffs on some US products

China will halve rates of additional tariffs on some US products starting from February 14 in a bid to promote the healthy and stable development of bilateral economic and trade relations, authorities said on Thursday. Set to come into effect from 1.01 p.m. on February 14, the move will halve the 10 per cent and 5 per cent rates on a list of US products subject to additional tariffs from September 1, 2019, the Customs Tariff Commission of the State Council said. The list is part of a two-step tariff countermeasure targeting U.S. products worth about $75 billion, reports Xinhua news agency. China suspended planned additional tariffs on products in the second list on December 15, 2019. The Asian giant decided to halve the tariff rates after the US announced on January 16 to halve its 15-per cent additional tariffs on Chinese products worth some $120 billion on February 14, according to an unnamed official. “To ease economic and trade tensions and expand cooperation, the Chinese side decided to adjust related measures accordingly,” the official said. “Further adjustment will mainly depend on future development in the economic and trade relations between the two countries. “It is our hope that both sides will work together toward ultimately removing all additional tariffs,” the official added The Commission said other additional tariff measures will continue to be implemented as stipulated and work on tax exemptions for imports from the US will continue to proceed.

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