China suspends additional US tariffs planned for Dec 15


  • China
  • Sunday, 15 Dec 2019

Attendees visiting the Ford booth at a mall inn Beijing. China’s government says it will postpone planned punitive tariffs on US-made automobiles and other goods following an interim trade deal with Washington. - AP

BEIJING: China will suspend planned additional punitive tariffs on some US products after "phase one" of a long-awaited trade deal was reached between the countries, state-run news agency Xinhua reported on Sunday (Dec 15).

Beijing had threatened to retaliate if the United States had gone ahead with imposing further tariffs on US$160bil of Chinese goods on Dec 15.

However, after both sides simultaneously announced on Friday that the first phase of a trade deal had been reached, US President Donald Trump said the tariffs "will not be charged because of the fact that we made the deal."

Citing a statement from the Customs Tariff Commission of the State Council, Xinhua said that the suspension covers the planned additional tariffs of either 5% or 10% on some imported US products.

China will also continue the suspension of additional tariffs on US-made vehicles and automotive parts.

The phase one agreement leaves some tariffs, including a 25% tariff on some US$250bil worth of Chinese imports, in place, while many of the remaining tariffs will be reduced to 7 and a half per cent.

In a press briefing on Friday, Chinese Vice Commerce Minister Wang Shouwen said the agreement "will serve the fundamental interests of the people of the two countries and the world, and is expected to bring positive influences on areas including economy, trade, investment and the financial market." - Asian News Network
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China , US , Suspended Traiff , Beijing

   

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