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China halves some tariffs on US imports in first phase of trade war truce

The US and China have had a lengthy trade standoff that looks to have some relief.
The US and China have had a lengthy trade standoff that looks to have some relief. GETTY IMAGES NORTH AMERICA/AFP

China said on Thursday it will halve additional tariffs levied against 1,717 products imported from the United States last year, following the signing of a Phase 1 trade deal that brought a truce to a bruising trade war.

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China's finance ministry said in a statement that tariff reductions for the relevant goods, which were initially announced on Sept. 1, will take effect from 0501 GMT on Feb. 14.

The reductions come about three weeks after the two countries signed the Phase 1 trade deal in Washington, which included China's promise to boost purchases of U.S. goods and services by $200 billion over two years in exchange for the United States rolling back some tariffs imposed against Chinese goods.

China's finance ministry said in a statement that additional tariffs levied on some goods will be cut to 5% from 10% previously, while extra tariffs on some goods will be lowered to 2.5% from 5% previously. The ministry did not state the value of the goods that are affected by the decision.

China hopes it and the United States can abide by the trade deal and implement it to boost market confidence, push bilateral trade development and aid global economic growth, the ministry added.

Some analysts said following the trade deal that China may need to roll back some of the tariffs on U.S. goods such as soybeans and crude oil in order to meet its purchasing commitments. 

(REUTERS)

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