CHINA today said it will halve punitive tariffs on US$75 billion (RM309 billion) in US imports from February 14, a month after Beijing and Washington signed a truce in their long-running trade war.

The reduction will apply to levies of 5% and 10% that were imposed on more than 1,700 items last September, according to the State Council Tariff Commission.

Products hit by the 10% tariffs include fresh seafood, poultry and soybeans.

The tariffs also apply to items such as tungsten lamps for scientific and medical purposes, as well as some types of aircraft.

The move is aimed at “promoting the healthy and stable development of China-US economic and trade relations”, said the commission in a statement.

It said it “hopes that both parties will be able to abide by their agreement, strive to implement its relevant content, (and) boost market confidence”.

The US and China last month signed a partial deal that dials down tensions in their bruising trade spat, with Beijing agreeing to buy an additional US$200 billion in American goods over the next two years.

The tariff reductions also come as China grapples with a shortage of resources in its fight against a new coronavirus, which has claimed more than 560 lives. – AFP, February 6, 2020.