ZCZC
BCN-07
CHINA-US-TRADE
China suspends planned tariffs on US goods
BEIJING, Dec 15, 2019 (BSS/AFP) – Beijing suspended additional tariffs on
US products that had been due to kick in on Sunday, after Washington and
Beijing announced a major thaw in their trade war Friday.
China will suspend the planned addition of 10 percent and 5 percent tariffs
on some US imports, and “continue to suspend additional tariffs on US-made
autos and spare parts”, China’s finance ministry announced Sunday.
The move follows US President Trump’s cancellation of new tariffs on
Chinese products as part of a “phase one” trade deal.
China’s commerce ministry said on Friday it had agreed with the US a mini-
deal that includes a progressive rollback of tariffs and the protection of
intellectual property rights.
The two sides have yet to sign the agreement, which represents a major
breakthrough in the 21-month standoff between the world’s two largest
economies.
In addition to existing tariffs, Trump had previously threatened to impose
a 15 percent levy on Sunday on around $160 billion of Chinese exports,
including popular US consumer goods like electronics and clothing.
China had said it would respond with a 25 percent tariff on US autos and a
five percent tariff on auto parts — levies that were suspended earlier this
year as a goodwill gesture.
BSS/AFP/HR/1135