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News X

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.