Two sides announce major breakthrough in trade war
WEB DESK
China suspended additional tariffs on US products today after Washington and Beijing announced a major thaw in their trade war Friday.
China’s finance ministry announced today that it will suspend the planned addition of 10 percent and 5 percent tariffs on some US imports. The Ministry also said that China will continue to suspend additional tariffs on US-made autos and spare parts.
The move follows US President Trump’s cancellation of new tariffs on Chinese products as part of a phase one trade deal.
On Friday, China’s commerce ministry said, 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.