BEIJING: China suspended extra tariffs on certain products from the United States that had been scheduled as part of the two countries’ broader move to scale back tariffs after agreeing on the text of a phase one trade deal.
Experts said de-escalation of the protracted trade war will help restore the confidence of the global financial market.China suspended extra 10% and 5% tariffs on some products imported from the US, the Customs Tariff Commission of the State Council said in a statement on Sunday.Other additional tariff measures will continue to be implemented, and work on tariff exemptions for imports from the US will proceed, it said.
Stephen Roach, a senior fellow at Yale University’s Jackson Institute of Global Affairs, told Xinhua: “The good news is that the threat of tariffs has been moderated to some degree. It underscores the commitment of both nations to provide some relief to the tariff-related pressures on both economies as well as the broader global economy.”
On Friday, Chinese officials said China and the US have reached agreement on the text of a phase one trade deal on the basis of equality and mutual respect, and the US will implement its promise to eliminate tariffs on Chinese goods “phase by phase”. Ma Yu, a researcher at the Chinese Academy of International Trade and Economic Cooperation in Beijing, said, “The phase-one trade agreement is considered a clear signal toward de-escalation.
“Companies from the US, China and other major economies, such as Japan and Germany, will restart investment in projects that have been on hold, because unstable elements arising from the trade dispute since March 2018 have caused a number of companies to stop their investment activities, ” Ma said. — China Daily/ANN
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