China has canceled planned punitive duties against the US | FREE NEWS

China has canceled planned punitive duties against the US

Earlier, the US announced the refusal of additional penalty duties on goods from China. This happened after the two countries partially settled trade disputes.

China has canceled planned additional punitive duties on US goods. The Chinese government refuses to impose duties of 10 and 5 percent on some goods of American imports, the Ministry of Finance in Beijing said on Sunday, December 15. Additional penalty duties on cars and components from the United States were to take effect on this day.

Earlier, the US and China reached the first partial agreement in the settlement of the trade conflict, which has lasted for a year and a half. China has agreed to buy additional volumes of agricultural products from the US, and the US has promised to reduce some punitive duties against Beijing and cancel additional measures planned for December 15.

After the first partial success in resolving the trade dispute, the US and China announced their intention to begin the second phase of negotiations as soon as possible.