China halts further tariffs on US goods, Latest Business News - The New Paper

China halts further tariffs on US goods

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SHANGHAI: China has suspended additional tariffs on some US goods that were meant to be implemented yesterday, the State Council's Customs Tariff Commission said, 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 US 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 yesterday, were meant to target goods ranging from corn and wheat to vehicles and auto parts.

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 US-China economic and trade relations," it added.

Beijing has agreed to import at least US$200 billion (S$271 billion) in additional US goods and services over the next two years on top of the amount it purchased in 2017, the top US trade negotiator said on Friday.

A statement issued by the United States Trade Representative also on Friday said Washington would leave in place 25 per cent tariffs on US$250 billion worth of Chinese goods. - REUTERS