China to Reduce $75 Billion Tariffs on U.S. Goods

Date: February 11, 2020

China’s finance ministry announced on Feb. 6 that the country will reduce their $75 billion tariffs on U.S. imports, including tariffs on automobiles.

Beginning Feb. 14, China will reduce the tariff range for some imports from the five-to-10 percent range to the 2.5-to-five percent range. According to Business Insider, China’s move to reduce certain tariffs signals intentions to come to an “interim trade agreement” in wake of the spreading coronavirus.

"The next steps depend on the development of the Chinese-US economic and trade situation," the finance ministry stated. "We hope to work with the United States toward the final elimination of all tariff increases."

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