China on Friday suspended further extraordinary tariffs on imports of U.S. industrial goods in response to a truce in its trade war with Washington that threatened global economic growth.
Financial markets welcomed the mutual announcements of tariff reductions, although the two sides still have a lot of work ahead of them to resolve the conflict that arose in 2018 over Beijing's technological ambitions and the Asian giant's trade surplus.
Products affected by the latest reduction include industrial components and medical and factory equipment, according to China's Ministry of Finance. Authorities did not provide details on the value of the affected goods, but said that The sanctions would be suspended for one year starting on February 28.
Under the “Phase 1” deal signed in January, Washington agreed to cancel additional tariff increases and Beijing pledged to buy more American agricultural products. U.S. officials said China had promised to address complaints about its technology policy.
Last week, the White House reduced tariffs on some Chinese imports.
In an earlier tax cut, China announced on February 6 that it would lower taxes on US goods worth $75.000 billion as part of the truce.
Source: AP
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