China has made an announcement on Thursday that it will reduce tariffs on hundreds of US goods to half. The US goods are worth around $75 billion. The existing tariffs of 10 percent and 5 percent on different US goods will now be 5 percent and 2.5 percent respectively. This was made public by the statement from China’s Ministry of Finance.
The move was made in order to “advance the healthy and stable development of China-U.S. trade.” The move was also made after the US decided to halve the tariffs on $120 billion worth of Chinese goods in January. The tariffs will be reduced from 15 percent to 7.5 percent on February 14.
However, the next tariff adjustment will depend on how the trade relation evolves between the US and China in the coming days. China has expressed that it is looking forward to eliminating all tariff increases through mutual understanding.