- Retaliatory duties on some U.S. goods will be cut from 10% to 5%, and from 5% to 2.5% on others, according to a statement from China’s Ministry of Finance. The adjustments will take effect from 1:01 p.m on Feb. 14, it said, without specifying which time zone it was referring to.
- The statement said the move was made in order to “advance the healthy and stable development of China-U.S. trade.”
- China said that the next adjustment will depend on how Sino-U.S. trade ties evolve, adding it hopes to work with Washington to completely eliminate all tariff increases.
China on Thursday announced that it will halve tariffs on hundreds of U.S. goods worth about $75 billion.
After the cut, duties on U.S. crude will be reduced to 2.5%, from 5%, and the tariff on soybeans will be trimmed by 2.5%.
The statement on the Ministry of Finance website said the move was made in order to “advance the healthy and stable development of China-U.S. trade.”
“Who knows the exact motivations, I mean that’s quite plausible, that they’re under (economic) pressure. But I think the development is very welcome because you know, that language suggests that there is a bit of an olive branch here. And a bit of a desire to move forward beyond the phase one and possibly take on phase two,” said Kingsley Jones, chief investment officer at Jevons Global
https://www.cnbc.com/2020/02/06/china-to-halve-tariffs-on-hundreds-of-us-goods.html
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China continues to lose this trade war.
PS, Why couldn’t Obama do any of this stuff?
