China on Thursday announced that it will halve tariffs on hundreds of U.S. goods worth about $75 billion.
Retaliatory tariffs on some U.S. goods will be cut from 10% to 5%, and from 5% to 2.5% on others, according to a statement from China’s Ministry of Finance. The adjustments will take effect from 1:01 p.m on Feb. 14, it said, without specifying which time zone it was referring to.
The cuts apply to about $75 billion worth of imports from the U.S. that was slapped with tariffs on Sept. 1, 2019, according to a separate statement on the ministry’s website.
After the cut, duties on U.S. crude will be reduced to 2.5%, from 5%, and the tariff on soybeans will be trimmed by 2.5%.
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Article URL : https://www.cnbc.com/2020/02/06/china-to-halve-tariffs-on-hundreds-of-us-goods.html