16 December,2019 11:10 AM IST | | Agencies
A file picture of US President Donald Trump (left) and Chinas President Xi Jinping leaving a business leaders event in Beijing. "We have agreed to a very large Phase One Deal with China," President Trump tweeted recently after officials in Beijing made a
Beijing: Beijing suspended additional tariffs on US products that had been due to kick in on Sunday, after Washington and Beijing announced a major thaw in their trade war Friday.
China will suspend the planned addition of 10 per cent and 5 per cent tariffs on some US imports, and "continue to suspend additional tariffs on US-made autos and spare parts", China-s finance ministry announced Sunday.
The move follows US President Trump-s cancellation of new tariffs on Chinese products as part of a "phase one" trade deal. China-s commerce ministry said on Friday it had agreed with the US a mini-deal that includes a progressive rollback of tariffs and the protection of intellectual property rights.
The two sides have yet to sign the agreement, which represents a major breakthrough in the 21-month standoff between the world-s two largest economies. In addition to existing tariffs, Trump had previously threatened to impose a 15 percent levy on Sunday on around 160 billion of Chinese exports, including popular US consumer goods like electronics and clothing.
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China had said it would respond with a 25 per cent tariff on US autos and a five percent tariff on auto parts - levies that were suspended earlier this year as a goodwill gesture.
5, 10
Planned tariffs that China will suspend on some US imports
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