Beijing, Dec 15 (IANS) China has suspended the planned additional tariffs on some US products which were to be implemented at 12.01 p.m. on December 15, the Customs Tariff Commission of the State Council said Sunday.
The suspension covers the 10-per cent and 5-per cent additional tariffs, respectively, on the imported products, Xinhua news agency reported.
This development comes after the US and China on Friday announced they had reached the “historic” first stage of the trade agreement to settle the ongoing trade dispute between the two economic giants.
The Commission added China would also continue to suspend its additional tariffs on American-made vehicles and auto parts.
The decisions were made to implement the results of recent trade talks between the two sides and in accordance with China’s laws and regulations on customs, foreign trade and tariffs as well as the basic principles of international laws, according to the Commission.
Other additional tariff measures will continue to be implemented as stipulated and work on tax exemptions for imports from the US will continue to proceed.
The Chinese side hopes that the two sides will work together on the basis of equality and mutual respect to properly address each other’s core concerns and promote the stable development of Sino-US economic and trade relations, the Commission added.
Trade tensions between the two largest world economies, which began last year, have had profound global consequences.
The latest global growth forecasts lowered projections of expansion to three percent this year, 0.2 less than in July, according to the International Monetary Fund figures published in October.