The State Council Tariff Commission said the reductions would come in a month after Beijing and Washington signed a deal to dial down a long-running trade war that has hit the global economy.
Products affected include fresh seafood, poultry and soybeans as well as tungsten lamps for scientific and medical purposes, and some types of aircraft. The Commission also said it “hopes that both parties will be able to abide by their agreement, strive to implement its relevant content, boost market confidence”.The two in January signed a partial deal that eased tensions in their bruising trade war, with Beijing agreeing to buy an additional $200 billion in US goods over the next two years.
On Tuesday, a top US trade official said the virus outbreak would delay Beijing’s plans to buy goods from the US under phase one deal.China’s outbreak has caused Beijing to impose travel restrictions across cities, with millions of consumers staying home during its otherwise busy Lunar New Year holiday.
“In the wake of the coronavirus economic tumult, it’s not much of a stretch to assume China is eager to start the negotiations,” he said.
Source: Financial Digest (financialdigest.net)
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