China Announces Plan To Reduce Tariffs On Nearly $75 Billion In Goods
The Chinese government last week announced that it will reduce trade penalties on nearly $75 billion of U.S. goods. The reduction, which will take effect on February 14, fulfills part of the country’s commitment under the phase one trade deal agreed to with the United States in January.
The announcement affects nearly 1,700 types of products such as automotive and agricultural goods including pork, chicken, beef and soybeans, chemicals, crude oil, whiskey, and seafood. More than 800 products will see their penalties go from five to 2.5 percent while another 916 products will see reductions from 10 percent to five percent.
In a statement, the government said, “China hopes both sides can follow what have been agreed in the deal and make efforts to implement relevant parts of the deal to boost market confidence, to promote bilateral relations, and to help world economic growth.”