China suspends extra tariffs in the wake of US phase-one agreement
2019-12-17
Source:leatherbiz
Author：
China and the US reached agreement on the text of a phase-one trade deal on December 13.
Tariffs are still in place on a long list of products that the two countries trade, but Chinese officials said the phase-one agreement was based on “equality and mutual respect”. They also said the US had promised to eliminate tariffs on imports from China “phase by phase”.
In response, China suspended extra 10% and and 5% tariffs on some products imported from the US; the extra tariffs had been scheduled to come into effect on December 15.
For now, the US will maintain 25% tariffs on approximately $250 billion of Chinese imports, along with 7.5% tariffs on another $120 billion of Chinese imports.
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