China postpones implementation of tariffs on US goods
(Baonghean) - The State Council's Tariff Commission said on December 15 that China has postponed the implementation of tariffs on US goods that were scheduled to take effect on the same day. This decision comes after the world's two largest economies reached a "phase one" trade agreement on December 13.
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| Container trucks at Yangshan Port, Shanghai, China on August 6, 2019. Photo: Reuters |
Other tariffs China has imposed on US goods are likely to remain in place, the Tariff Commission said in a statement posted on a government website.
“China believes that, on the basis of equality and mutual respect, China will work with the United States to fully resolve each other's concerns and promote the sustainable development of economic and trade relations between the two countries,” the Tariff Commission said in a post.
Beijing has decided to spend at least $200 billion on additional imports of U.S. goods and services over the next two years to surpass the 2017 level, senior U.S. trade negotiators said on December 13. Before the U.S.-China trade war broke out, China spent $186 billion on U.S. goods and services in 2017, according to the U.S. Bureau of Economic Analysis.
According to Reuters, the Office of the US Trade Representative said Washington will maintain 25% tariffs on $250 billion worth of Chinese imports, and tariffs on another $120 billion worth of goods will be reduced to 7.5%. The next round of tariffs, scheduled for later this week and targeting $160 billion worth of goods, will be canceled.
After nearly two years of confrontation in the trade war, the US and China announced on December 13 that they had reached a phase one agreement and expected to sign the document in early January, after legal review and ensuring that the English and Chinese versions have equivalent languages.
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