US-China trade deal: When tariffs on Chinese goods will be reduced
Trump gives U.S. importers a Valentine
The U.S. is granting tariff relief on Chinese imports now that the historic phase one trade deal with Beijing is complete.
The levy on $120 billion of Chinese goods will be lowered to 7.5 percent from 15 percent starting at 12:01 a.m. on Feb. 14, the U.S. Trade Representative said Thursday, providing a timetable for plans disclosed in December. Washington will keep duties of 25 percent on about $250 billion of China-made products.
US, CHINA SIGN HISTORIC PHASE ONE TRADE DEAL
“I’m leaving them on because otherwise, we have no cards to negotiate with,” President Trump said at a signing ceremony for the trade agreement at the White House. The pact cools a trade war between the world's two largest economies that economists warned was driving up supply costs for businesses, undercutting the benefits of Trump's tax cuts and deregulation efforts.
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As part of the agreement, China will buy an additional $200 billion of U.S. goods over the next two years, in addition to making reforms in the areas of intellectual property theft, financial services and currency exchange.