Home Business News China not imposing additional tariffs

China not imposing additional tariffs

by LLB Editor
16th Dec 19 7:22 am

China has backed off from imposing additional tariffs on US goods after Washington announced a deal to defuse trade tensions between the two countries.

The Chinese tariffs, which would have retaliated against another round of now-scrapped US tariffs, targeted goods ranging from corn and wheat to vehicles and auto parts.

The “phase one” trade deal slashes US tariffs on $120bn worth of Chinese goods in exchange for Chinese purchases of US goods.

However, it’s yet to be signed, and it leaves in place US tariffs on $250bn worth of Chinese goods.

The US said the agreement now depends more on China.

“Ultimately, whether this whole agreement works is going to be determined by who’s making the decisions in China, not in the United States,” the US Trade representative Lighthizer told US network CBS.

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