China will halve tariffs on some $75 billion (¥8.24 trillion) of imports from the U.S. later this month, reciprocating a U.S. action and likely satisfying part of their interim trade deal.
The cut will be effective from 1:01 p.m. on Feb. 14, China Standard Time, the Ministry of Finance said in a statement Thursday, the same time as the U.S. will implement reductions in tariffs on Chinese products. Chinese punitive tariffs on U.S. goods from Sept. 1 last year will be lowered, with the rate on some dropping to 5 percent from 10 percent and the others to 2.5 percent from 5 percent.
Both nations said they would cut tariffs on the others' goods as part of the "phase one" deal that was signed last month. The world's two biggest economies paused their trade war in January, although even with these changes tariffs will remain in effect on large parts of bilateral trade and there are numerous other points of friction in the relationship.