China to halve tariffs on US$75bil US goods from Feb 14

BEIJING: China will halve tariffs on some $75 billion of imports from the U.S. later this month, the Ministry of Finance said in a statement on Thursday.

The cut will be effective from 1:01 p.m. on Feb. 14, Beijing time, according to the statement, the same time as the U.S. will implement reductions in tariffs on Chinese products. Chinese punitive tariffs on American goods from Sept. 1 last year will be lowered, with the rate on some dropping to 5% from 10%, and the others to 2.5% from 5%.