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China to halve tariffs on some US goods

China has announced that it will halve additional tariffs levied against 1,717 U.S. goods last year, following the signing of a Phase 1 deal that brought a truce to a bruising trade war between the world's two largest economies.
 
China's finance ministry said in a statement that on February 14, additional tariffs levied on some goods will be cut to five per cent from 10 per cent and others lowered to 2.5 per cent from five per cent.
 
While the announcement reciprocates the U.S. commitment under the deal, it is also seen by analysts as a move by Beijing to boost confidence amid a virus outbreak that has disrupted businesses and hit investor sentiment.


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