China suspends planned tariffs on U.S. goods
TARIFFS SUSPENDED. Containers are shown at the foreign trade container terminal in Qingdao, in China's eastern Shandong province, on November 21, 2019. File photo by AFP
BEIJING, China – Beijing suspended additional tariffs on United States products that had been due to kick in on Sunday, December 15, after Washington and Beijing announced a major thaw in their trade war Friday, December 13.
China will suspend the planned addition of 10% and 5% 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 Donald 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% 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% tariff on US autos and a 5% tariff on auto parts – levies that were suspended earlier this year as a goodwill gesture. – Rappler.com
