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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