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China suspends planned tariffs on US goods as part of ‘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.
China 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 percent and 5 percent 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 $160 billion of Chinese exports, including popular US consumer goods like electronics and clothing.
China had said it would respond with a 25 percent tariff on US autos and a five percent tariff on auto parts -- levies that were suspended earlier this year as a goodwill gesture.
