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China to reduce 50% tariffs on number of goods imported from US on 14 February

06 February 2020 09:15 (UTC +04:00)

The Chinese Finance Ministry announced on Thursday that it will slash by 50% tariffs on some goods imported from the US which are worth $75 billion, APA reports citing Sputnik.

The Ministry said that the reduction is due to come into force on 14 February, expressing hope for further cooperation with the US to finally lift all the tariffs in bilateral trade.

“Starting from 13:01 [05:01 GMT], on February 14, the tariffs on the [US] goods, which were increased by 10 percent on September 1, 2019, will be decreased to 5 percent, while the tariffs on the [US] goods, which were risen by 5 percent, will be lowered to 2.5 percent,” the ministry said in a statement.

The Ministry also expressed hope that Beijing and Washington would be able to fulfill their commitments under the recently reached trade deal, boost market confidence, develop bilateral trade and econ