China to halve tariffs on USD 75 billion US goods from February 14

China will introduce tariff cuts on goods worth nearly USD 75 billion on Feb. 14. The cuts reciprocate a US action and is likely part of the interim trade deal entered between the two global economies.

Photo: AP/Ritzau Scanpix

China will halve tariffs on some USD 75 billion of imports from the US later this month, reciprocating a US action and likely satisfying part of the interim trade deal.

The cut will be effective from 1:01 p.m. on Feb. 14, Beijing time, according to a Ministry of Finance statement on Thursday, the same time as when the US will implement reductions in tariffs on Chinese products. Punitive Chinese tariffs on American goods that were adopted from Sept. 1 last year will be lowered, with the rate on some dropping to 5 percent from 10 percent, and the others to 2.5 percent from 5 percent.

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