China suspends planned additional tariffs on US goods
![In 2016, China was in third place behind the US and France and a year later it had climbed to second place. There was no report in 2018. (Photo: File) In 2016, China was in third place behind the US and France and a year later it had climbed to second place. There was no report in 2018. (Photo: File)](https://s3.ap-southeast-1.amazonaws.com/images.asianage.com/images/aa-Cover-9ho89ua7kioqo3p9js8vq7cn85-20180422181337.Medi.jpeg)
Beijing: 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 per cent and 5 per cent 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 USD 160 billion of Chinese exports, including popular US consumer goods like electronics and clothing.
China had said it would respond with a 25 per cent tariff on US autos and a five percent tariff on auto parts -- levies that were suspended earlier this year as a goodwill gesture.