China suspends planned tariffs on US goods

China has suspended additional tariffs on some United States goods that were meant to be implemented on December 15.

This was disclosed by State Council’s customs tariff commission on Sunday, after the world’s two largest economies agreed a “phase one” trade deal on Friday.

The deal, rumours and leaks over which have gyrated world markets for months, reduces some US tariffs in exchange for what American officials said would be a big jump in Chinese purchases of American farm products and other goods.

China’s retaliatory tariffs, which were due to take effect on December 15, were meant to target goods ranging from corn and wheat to US made vehicles and auto parts, Reuters reports.

Other Chinese tariffs that had already been implemented on US goods would be left in place, the commission said in a statement issued on the websites of government departments including China’s finance ministry.

“China hopes, on the basis of equality and mutual respect, to work with the United States, to properly resolve each other’s core concerns and promote the stable development of U.S.-China economic and trade relations,” it added.

 

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