Despite Coronavirus Fears, China Announces Plans To Cut tariffs

China’s trimming its tariffs on many American imports, as per the Phase One trade agreement.  There was concern that because of the ongoing spread of the coronavirus China may delay implementation, or potentially ignore the recently signed Phase One trade agreement.  However, China announced Thursday it will halve tariffs on $75 billion worth of American products.

 

That includes Ag products like beef, pork, chicken, seafood, soybeans and whiskey.

 

Beijing will cut its 10% punitive tariff to 5%, and its current 5% tariffs down to 2.5% on February 14th.  Back in August, China announced it would impose tariffs  in two waves, one in September the other in  December, however, the second round due to come into effect on December 15th, was not implemented.

 

The Chinese government said that the planned reduction of tariffs on U.S. products was in response to a decision by the United States to halve its tariffs on $120 billion of Chinese goods, also on February 14th.

 

 

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