Trade war: China halts introduction of new tariffs on US goods
- Beijing holds fire on duties of 5 and 10 per cent that were set to take effect at noon on Sunday
- Move comes after US also shelves new tariffs and agrees to halve some of those already in place
China said on Sunday it will not impose new tariffs on imports of American products, but added that the ongoing negotiations between the two countries must proceed on the basis of equality and respect.
Beijing had threatened to introduce tariffs of 5 and 10 per cent on selected US goods at noon on Sunday, but that move had been halted, the Customs Tariff Commission of the State Council said in an online statement. It also said that US cars and car parts would continue to be exempted from existing duties.
China hoped it could continue to “work with the US on the basis of equality and mutual respect to address the concerns of both parties and promote the steady development of the China-US trade relations”, it said.
During the negotiations for a “phase one” deal, Beijing repeatedly called for the suspension of any tariff increases by the US on Chinese products and for existing duties to be lifted.