China to halve tariffs on $75 billion worth of U.S imports

China has announced that it will cut its tariffs on 75 billion (Ksh7.5 trillion) worth of United States imports by half, a month after Beijing and Washington signed a truce in their long-running trade war.

The reduction will apply to levies of 5 percent and 10 percent that were imposed on more than 1,700 items in September last year, according to China’s state council tariff commission.

Products that had been hit by the 10 percent tariffs included fresh seafood, poultry and soybeans.

Tariffs also applied to items such as tungsten lamps for scientific and medical purposes, as well as some types of aircraft.

The commission said in a statement that the move to lower tariffs is aimed at promoting the healthy and stable development of U.S-China economic and trade relations.

It added that the reduction will kick in on February 14, the same day Washington is expected to half tariffs on $120 billion worth of Chinese products.

The commission added that it hopes that both parties will be able to abide by their agreement, strive to implement its relevant content and boost market confidence.

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