Voice of America
15 Dec 2019, 11:35 GMT+10
SHANGHAI, CHINA - China has suspended additional tariffs on some U.S. goods that were meant to be implemented on Dec. 15, the State Council's customs tariff commission said on Sunday, after the world's two largest economies agreed a "phase one" trade deal on Friday.
The deal, rumours and leaks over which have gyrated world markets for months, reduces some U.S. tariffs in exchange for what U.S. officials said would be a big jump in Chinese purchases of American farm products and other goods.
China's retaliatory tariffs, which were due to take effect on Dec. 15, were meant to target goods ranging from corn and wheat to U.S. made vehicles and auto parts.
What's In the US-China Trade Deal? Broad outlines are similar to deal in principle announced in October that was dominated by increased Chinese purchases of US agricultural goods
Other Chinese tariffs that had already been implemented on U.S. goods would be left in place, the commission said in a statement issued on the websites of government departments including China's finance ministry.
"China hopes, on the basis of equality and mutual respect, to work with the United States, to properly resolve each other's core concerns and promote the stable development of U.S.-China economic and trade relations," it added.
Beijing has agreed to import at least $200 billion in additional U.S. goods and services over the next two years on top of the amount it purchased in 2017, the top U.S. trade negotiator said Friday.
A statement issued by the United States Trade Representative also on Friday said the United States would leave in place 25% tariffs on $250 billion worth of Chinese goods.
Get a daily dose of Pennsylvania Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Pennsylvania Sun.
More InformationLONON, U.K.: British Petroleum is set to abandon its ambitious renewable energy expansion targets in favor of a stronger focus on fossil...
WOLFSBURG, Germany: Volkswagen is strengthening its push into China's electric vehicle (EV) sector by partnering with CATL, the world's...
NEW YORK, New York - U.S. stocks floundered on Thursday as new trade tariffs were imposed, and those paused were given the green light. ...
LONDON, U.K.: Despite regulatory efforts, unauthorized disposable vapes continue to dominate a significant portion of the U.S. e-cigarette...
WASHINGTON, D.C.: As the deadline for new U.S. steel and aluminum tariffs approaches, manufacturers across the country are already...
BRUSSELS/LONDON: The European Commission is preparing to ease sustainability reporting requirements for businesses as part of a broader...
LONON, U.K.: British Petroleum is set to abandon its ambitious renewable energy expansion targets in favor of a stronger focus on fossil...
WOLFSBURG, Germany: Volkswagen is strengthening its push into China's electric vehicle (EV) sector by partnering with CATL, the world's...
NEW YORK, New York - U.S. stocks floundered on Thursday as new trade tariffs were imposed, and those paused were given the green light. ...
LONDON, U.K.: Despite regulatory efforts, unauthorized disposable vapes continue to dominate a significant portion of the U.S. e-cigarette...
WASHINGTON, D.C.: As the deadline for new U.S. steel and aluminum tariffs approaches, manufacturers across the country are already...
BRUSSELS/LONDON: The European Commission is preparing to ease sustainability reporting requirements for businesses as part of a broader...