China has decided to lower the rates of additional tariffs levied on about $75 billion in imported goods from the United States starting Feb 14, to further ease Sino-US trade tensions.
China's Customs Tariff Commission of the State Council announced that the 10 percent tariff rate that was implemented last September will be decreased to 5 percent, and that previous 5 percent tariff rate will be adjusted to 2.5 percent.
The commission said that China hopes to work with the US to try to eliminate all additional tariffs.
In addition, China will continue to work on the exclusion of additional tariffs on US products. "The previous measures of tariff exclusion, which have been released, remain in effect," according to the statement.
The move came as a response to US tariff adjustments starting Feb 14, the commission said. On Jan 16, the US government announced it would cut the additional tariffs on $120 billion in imported goods from China, down from 15 percent to 7.5 percent.
"China hopes the two sides can follow the agreement, implement relevant content, enhance market confidence, improve the bilateral economic and trade relations and promote global economic growth," the commission said.