China Halves Additional Tariff Rate on $75 Billion of U.S. Goods (Update)

[Asia Economy Beijing=Special Correspondent Park Sun-mi] China will halve the additional tariff rates, previously imposed at levels of 5-10%, on $75 billion worth of U.S. imports starting from the 14th.

On the 6th, the Tariff Commission of the State Council of China announced that from 1:01 PM on the 14th, it will adjust the additional tariff rates imposed on $75 billion worth of U.S. imports. The 10% additional tariff rate, imposed since September 1 of last year, will be reduced to 5%, and the 5% additional tariff rate will be lowered to 2.5%.

The State Council stated, "This measure is aimed at the healthy and stable development of U.S.-China relations. Further adjustments will depend on changes in the development of U.S.-China trade relations." It also explained, "We hope to work with the United States toward canceling all additional tariff rates imposed so far."