China to Cut Retaliatory Tariffs on US Imports, Hopes to Eliminate 'All Tariff Increases'

China’s Ministry of Finance said it will halve retaliatory tariffs on $75 billion worth of U.S. imports beginning Feb. 14, according to an unofficial translation of a Feb. 5 news release. Tariffs on some U.S. goods will fall from 10 percent to 5 percent, China said, while others will drop from 5 percent to 2.5 percent. The tariffs stem from China’s Sept. 1 tranche of retaliatory tariffs (see 1909030055).

China said it will reduce the tariffs to “alleviate economic and trade frictions and expand economic and trade cooperation” with the U.S., according to an unofficial translation of a Feb. 5 guidance from the State Council Tariff Commission. China said its next round of tariff cuts will depend on the progress of the U.S.-China “economic and trade situation,” and said it hopes to work with the U.S. “towards the ultimate elimination of all tariff increases.” The announcement came less than a month after the U.S. and China agreed to a phase one trade deal (see 2001150073).