Tuesday, Feb 25, 2020 | Last Update : 03:39 PM IST

China suspends planned additional tariffs on US goods

AFP
Published : Dec 15, 2019, 11:54 am IST
Updated : Dec 15, 2019, 11:54 am IST

The move follows US President Trump's cancellation of new tariffs on Chinese products as part of a 'phase one' trade deal.

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. (Photo: File)
 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. (Photo: File)

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.

Tags: us, china, beijing, trade war, tariffs
Location: China, Peking, Peking