China’s Customs Tariff Commission of the State Council yesterday announced suspension of the planned additional tariffs on some US products that was scheduled to be implemented at 12:01 pm (Beijing time) on December 15. The suspension covers the 10 per cent and 5 per cent additional tariffs respectively on the imported products, the commission said.
China will also continue to suspend its additional tariffs on Us-made vehicles and auto parts, an official news agency reported.
The decisions followed 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, the commission said.
Other additional tariff measures will continue to be implemented as stipulated and work on tax exemptions for imports from the United States 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.
Fibre2Fashion News Desk (DS)