This is a response to U.S. tariff adjustments.
China has decided to lower additional tariff rates on imported goods from the United States starting February 14th. This move affects goods worth about $ 75 billion to ease Sino-US trade tensions.
The Commission of the State Council on Customs Tariffs of China announced that the tariff rate of 10%, which was introduced in September last year, will be reduced to 5%, and the previous tariff rate of 5% will be adjusted to 2.5%.
According to the commission, this step was a response to tariff adjustments by the United States, which will begin on February 14. The US government announced on January 16 that it would reduce additional tariffs on goods imported from China by $ 120 billion from 15% to 7.5%.
The commission said China hopes to work with the United States to try to cancel all additional tariffs.
“China hopes that both sides will be able to follow the agreement, implement it, increase market confidence, improve bilateral economic and trade relations and contribute to global economic growth,” the source said.