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World

TRADE AGREEMENT 07. 02. 2020.   >>  17:42 0

TRADE AGREEMENT

China cuts tariffs on $75 billion of U.S. imports in trade truce

China cut tariffs on $75 billion of U.S. imports including soybeans, pork and auto parts Thursday in a trade truce with Washington while Beijing struggles with a costly virus outbreak.

The cuts follow last month's signing of a “Phase 1” agreement toward ending a long-running tariff war over Beijing's technology ambitions and trade surplus. Both sides have made conciliatory gestures but the lingering dispute threatens to chill global economic growth.

The reductions follow American tariff cuts last month on Chinese goods. There was no indication Beijing altered its own cuts in response to the rising cost of efforts to contain a virus outbreak that have depressed business activity by closing factories, restaurants and shops.

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