China suspends additional tariffs on some of the US products
Print Edition
CHINA suspended the planned additional tariffs on some US products that were to be implemented at 12:01pm yesterday, the Customs Tariff Commission of the State Council said.
The suspension covers the 10-percent and 5-percent additional tariffs, respectively, on the imported products, according to the commission.
The move follows the announcement on Friday that China and the US had reached an understanding on the text of a phase one economic and trade agreement. China will continue to suspend its additional tariffs on American-made vehicles and auto parts.
The decisions were made to implement the results of recent trade talks between the two sides and in accordance with China’s laws and regulations on customs, foreign trade and tariffs as well as the basic principles of international laws, according to the commission.
Other additional tariff measures will continue to be implemented as stipulated and work on tax exemptions for imports from the United States will continue to proceed.
Equality, mutual respect
The Chinese side hopes that the two sides will work together on the basis of equality and mutual respect to properly address each other’s core concerns and promote the stable development of Sino-US economic and trade relations, the commission said.
On Saturday, Chinese State Councilor and Foreign Minister Wang Yi said that China has always been opposed to settling economic and trade disputes by imposing tariffs as there is no winner in a trade war.
China has also rejected the use of unilateral pressure as it violates the rules of the World Trade Organization, Wang said. He pointed out that following rounds of back-and-forth negotiations, China and the United States have agreed on the wording of a phase-one economic and trade agreement, and the US side has promised to phase out additional tariffs on Chinese products.
The phase one text includes nine chapters: the preface, intellectual property rights, technology transfer, food and agricultural products, financial services, exchange rate and transparency, trade expansion, bilateral assessment and dispute settlement, and the final terms, according to a statement issued by the Chinese side on Friday night.
Both sides have reached consensus that the US side will fulfill its commitments to phase out its additional tariffs on Chinese products, so as to achieve a switch from hiking to cutting additional tariffs.
As China is deepening its reform and opening up, its market will inevitably expand, which offers opportunities to the United States, as well as to Europe and the rest of the world, Wang said.
A US economist said that the deal was “a positive signal in that it eliminates the imminent threat of new tariffs,”
“The good news is that the threat of tariffs has been moderated to some degree,” Stephen Roach, a senior fellow at Yale University’s Jackson Institute of Global Affairs, said.
“It underscores the commitment of both nations to provide some relief to the tariff-related pressures on both economies as well as the broader global economy,” said Roach.
Jason Draho, the head of Americas asset allocation at UBS Global Wealth Management, said one of the positive things is that the substantial phase-one deal covers intellectual property, market access, currency, and financial services, going beyond just purely rolling back tariffs or China buying more agricultural products.
“That gives us some comfort that what’s been announced is fairly substantial. The phase-one deal is fairly credible in terms of this is a clear path towards de-escalation,” said Draho.
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