6 Feb 2020

China Halves Tariffs on Some US Imports

Grain, Oil

China will adjust tariffs on some imports from the US next week, the Chinese finance ministry announced today.

Tariffs of 10% and 5% that applied on some US goods from September 2019 will be halved as of 05:01 GMT on 14 February.

In addition, tariffs on soybeans will be trimmed to 27.5% from 30% and the tariff on US crude imports will be cut to 2.5% from the 5% that was imposed in September, according to Reuters.

Tariff cuts follow last month’s Phase 1 deal, in which China committed to making additional purchases of US agricultural and energy products.