Voice of America
15 Dec 2019, 11:35 GMT+10
SHANGHAI, CHINA - China has suspended additional tariffs on some U.S. goods that were meant to be implemented on Dec. 15, the State Council's customs tariff commission said on Sunday, after the world's two largest economies agreed a "phase one" trade deal on Friday.
The deal, rumours and leaks over which have gyrated world markets for months, reduces some U.S. tariffs in exchange for what U.S. officials said would be a big jump in Chinese purchases of American farm products and other goods.
China's retaliatory tariffs, which were due to take effect on Dec. 15, were meant to target goods ranging from corn and wheat to U.S. made vehicles and auto parts.
What's In the US-China Trade Deal? Broad outlines are similar to deal in principle announced in October that was dominated by increased Chinese purchases of US agricultural goods
Other Chinese tariffs that had already been implemented on U.S. goods would be left in place, the commission said in a statement issued on the websites of government departments including China's finance ministry.
"China hopes, on the basis of equality and mutual respect, to work with the United States, to properly resolve each other's core concerns and promote the stable development of U.S.-China economic and trade relations," it added.
Beijing has agreed to import at least $200 billion in additional U.S. goods and services over the next two years on top of the amount it purchased in 2017, the top U.S. trade negotiator said Friday.
A statement issued by the United States Trade Representative also on Friday said the United States would leave in place 25% tariffs on $250 billion worth of Chinese goods.
Get a daily dose of Florida Statesman news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Florida Statesman.
More InformationBEIJING, China: A typhoon altered its course and struck Hainan Island, southern China, late on the night of June 13. Typhoon Wutip...
BANFF, Alberta: The recent G7 summit has convened for the second and final day in the picturesque Canadian Rockies amidst escalating...
JOHANNESBURG, South Africa: A key global plan to end AIDS as a public health threat by 2030 is now in deeper jeopardy after the United...
CALGARY, Alberta, Canada - U.S. President Donald Trump has announced he is leaving the G7 summit after just one day, and after refusing...
HOUSTON, Texas: Crude oil surged to multi-month highs this week, driven by escalating tensions in the Middle East after Israel launched...
SEOUL/LONDON: A wave of flight cancellations and diversions swept across the airline industry on June 13 after Israel launched strikes...
ARLINGTON COUNTY, Virginia: As global air travel continues its recovery from the pandemic, Boeing has released a tempered 20-year outlook...
NEW YORK, New York - U.,S. stocks closed lower Tuesday as President Donald Trump hinted the United States may join Israel in its attacks...
MENLO PARK, California: Meta Platforms has made a bold move to accelerate its artificial intelligence ambitions—by investing US$14.3...
WASHINGTON, D.C.: This week, President Donald Trump signed an executive order that facilitates Nippon Steel's potential investment...
MOUNTAIN VIEW, California: On June 12, Google announced that it had fixed a temporary global service disruption that impacted several...
NEW YORK, New York - U.S. stock markets closed in positive territory Monday despite the raging war in the Middle East which has killed...