China to cut tariffs despite coronavirus concerns

China says it will cut tariffs on $75 billion of US goods in half starting next week.

The move signals that China is implementing the phase one trade agreement despite the uncertainty surrounding the coronavirus.

China’s Ministry of Finance says 10 percent tariffs on some US goods will be cut to 5 percent and goods facing a 5 percent tariff will be cut to 2.5 percent on February 14.

The statement said China hopes both sides can implement relevant parts of the deal to boost market confidence, promote bilateral relations, and help world economic growth.

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