China to halve rates of additional tariffs on some US products

China will halve rates of additional tariffs on some US products worth about US$75 billion starting February 14 in a bid to promote the healthy and stable development of Sino-US economic and trade relations, the Customs Tariff Commission of the State Council said on Thursday.

Set to come into effect from 1:01pm on February 14, the move will halve the 10-percent and 5-percent rates on a list of US products subject to additional tariffs from September 1, 2019.

The list is part of a two-step tariff countermeasure targeting US products worth about US$75 billion. China suspended planned additional tariffs on products in the second list on December 15, 2019.

China has decided to halve the tariff rates after the US side announced on January 16 to halve its 15-percent additional tariffs on Chinese products worth some US$120 billion on February 14, according to an unnamed official with the commission quoted in a statement on the Ministry of Finance website.

"To ease economic and trade tensions and expand cooperation, the Chinese side decided to adjust related measures accordingly," the official said. "Further adjustment will mainly depend on future development in the economic and trade relations between the two countries. It is our hope that both sides will work together toward ultimately removing all additional tariffs."

The commission said other additional tariff measures will continue to be implemented as stipulated and work on tax exemptions for imports from the United States will continue to proceed.