UPDATE: China suspends tariffs on US products scheduled to go into effect Sunday
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China has suspended tariffs on some U.S. goods that had been scheduled to go into effect on Sunday after the two nations reached a “phase one” trade deal, officials said. China’s customs tariff commission announced that the retaliatory tariffs would be suspended.
Tariffs on other U.S. goods would be left in place, according to the statement. The decision was part of the recent trade talks with the U.S., the commission added.
The article goes on to state the following:
The announcement comes after Washington and Beijing announced a “phase one” trade deal had been reached on Friday. The U.S. is keeping 25-percent tariffs on some $250 billion of Chinese imports, but dropped the rate to roughly 7.5 percent tariffs on another $120 billion in imports, U.S. Trade Representative Robert Lighthizer announced.
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