China will halve extra tariff rate on US imports
Print Edition
China will halve additional tariffs on some US products from February 14 in a bid to promote the healthy and stable development of Sino-US economic and trade relations, the Customs Tariff Commission of the State Council said yesterday.
From 1:01pm on February 14, the move will halve the 10-percent and 5-percent rates on a list of US products subject to additional tariffs from September 1, 2019.
The list is part of a two-step tariff countermeasure targeting US products worth about US$75 billion. China suspended planned additional tariffs on products in the second list on December 15.
China has decided to halve the tariffs after the US said on January 16 it would halve its 15-percent additional tariffs on Chinese products worth some US$120 billion dollars from February 14.
Products that had been hit by the 10 percent tariffs included fresh seafood, poultry and soybeans.
The tariffs also applied to items such as tungsten lamps for scientific and medical purposes, as well as some types of aircraft.
鈥淭o ease economic and trade tensions and expand cooperation, the Chinese side decided to adjust related measures accordingly,鈥 the official said. 鈥淔urther adjustment will mainly depend on future development in the economic and trade relations between the two countries. It is our hope that both sides will work together toward ultimately removing all additional tariffs.鈥
China hopes it and the US can boost market confidence, promote bilateral trade and aid global economic growth.
The commission said other tariff measures will continue and tax exemptions for US imports will continue.
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