OREANDA-NEWS. Chinese authorities will halve duties on a number of goods imported from the United States totaling $ 75 billion. As stated in a statement published on Thursday by the Committee on Customs Duties and Tariffs under the State Council of China, this measure will enter into force on February 14 this year.

"In order to promote the healthy and stable development of trade and economic relations between China and the United States, the Committee on Customs Duties and Tariffs under the State Council of China decided to adjust the collection of customs duties on some goods imported from the United States totaling $ 75 billion. From February 14, 2020 from 1:01 p.m. local time (08:01 Moscow time), goods taxed on September 10, 2019 with a duty of 5% will be taxed with 5%, goods for which a tax of 5% was introduced on September 1 of last year will be taxed at a rate of 2.5%", says in a statement.

The signing ceremony for the first phase of the US-China trade deal took place on January 15 in Washington. Vice-Premier of the State Council of the PRC Liu He and US President Donald Trump put their signatures on the document. China, in particular, agreed to increase purchases of US products by $ 76.7 billion during the first year and $ 123.3 billion during the second year of the agreement. This isn't only about agricultural products, but also about other American products.