BEIJING (AP) — China has announced tariff cuts on $75 billion of imports from the U.S. in response to American reductions as part of their truce in a trade war.
The Ministry of Finance says the reductions apply to tariffs imposed Sept. 1 as the two sides were ratcheting up their dispute over Beijing’s technology ambitions and trade surplus.
Washington announced similar reductions last month. Both sides have announced conciliatory steps since agreeing in October to a “Phase 1” deal under which Washington canceled planned additional tariff hikes and Beijing committed to buying more U.S. farm exports.
However, most tariff hikes imposed previously by both sides on billions of dollars of each other’s good are still in place.