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China to reduce 50 pc tariffs on some goods imported from US on Feb 14: Finance Ministry

China to reduce 50 pc tariffs on some goods imported from US on Feb 14: Finance Ministry

India Blooms News Service | @indiablooms | 06 Feb 2020, 06:39 am

Beijing/UNI/Sputnik: China will halve the tariffs on a number of US goods starting from February 14, the Chinese Ministry of Finance said on Thursday.

“Starting from 0501 hrs (GMT), on February 14, the tariffs on the [US] goods, which were increased by 10 percent on September 1, 2019, will be decreased to 5 percent, while the tariffs on the [US] goods, which were risen by 5 percent, will be lowered to 2.5 percent,” the ministry said in a statement.

The Ministry of Finance also expressed hope that Beijing and Washington would be able to fulfill their commitments under the recently reached trade deal, boost market confidence, develop bilateral trade and economic relations as well as contribute to the global economic growth.