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China suspends planned tariffs scheduled for Dec. 15 on some U.S. goods

Economy Dec 14, 2019 11:58PM ET
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By Brenda Goh

SHANGHAI (Reuters) - China has suspended additional tariffs on some U.S. goods that were meant to be implemented on Dec. 15, the State Council's customs tariff commission said on Sunday, after the world's two largest economies agreed a "phase one" trade deal on Friday.

The deal, rumors and leaks over which have gyrated world markets for months, reduces some U.S. tariffs in exchange for what U.S. officials said would be a big jump in Chinese purchases of American farm products and other goods.

China's retaliatory tariffs, which were due to take effect on Dec. 15, were meant to target goods ranging from corn and wheat to U.S. made vehicles and auto parts.

Other Chinese tariffs that had already been implemented on U.S. goods would be left in place, the commission said in a statement issued on the websites of government departments including China's finance ministry.

"China hopes, on the basis of equality and mutual respect, to work with the United States, to properly resolve each other's core concerns and promote the stable development of U.S.-China economic and trade relations," it added.

Beijing has agreed to import at least $200 billion in additional U.S. goods and services over the next two years on top of the amount it purchased in 2017, the top U.S. trade negotiator said Friday.

A statement issued by the United States Trade Representative also on Friday said the United States would leave in place 25% tariffs on $250 billion worth of Chinese goods.

China suspends planned tariffs scheduled for Dec. 15 on some U.S. goods
 

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Comments (15)
Hansol Lee
Hansol Lee Dec 16, 2019 5:24AM ET
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good chinese is only dead chinese
Zambi rambi
Zambi2019 Dec 15, 2019 11:59AM ET
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Mc -paper does nit count these days, only words.we live on hope.
Me comment
Me comment Dec 15, 2019 10:50AM ET
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Not deal on paper yet, so I wouldn't get excited about it. Seem same scenario when a deal in principle, was announced in October. It ain't close to being done until it is written. Trump just wants the news to deflect from his impeachmemt.
Zambi rambi
Zambi2019 Dec 15, 2019 9:23AM ET
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S$p futures will gap up huge on this china action.
Antonis Morfonios
Antonis Morfonios Dec 15, 2019 8:29AM ET
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So far investors were waiting for China's comments on this deal. Chinese are not like Americans. They don't talk too much. The suspension of these tariffs is a proof that the deal is win win for both countries...Normally markets will act positively.
clive rodgers
cgradge Dec 15, 2019 7:49AM ET
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China seem to come out with statements to support the US market just when good news is slack, and it might look like a minor correction is in the offing. Looks like they are hoping that the US market will rally, so that they can add  more Gold to their vast reserves at lower prices. :)
greg mason
greg mason Dec 15, 2019 7:04AM ET
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The two countries announced a “Phase 1” agreement Friday under which the U.S. will reduce tariffs and China will buy more U.S. farm products. Chinese officials said the nine-chapter text, which includes intellectual property, technology transfer, financial services and dispute settlement, has to undergo legal and translation review before it can be signed
Istvån Bågyi
Istvån Bågyi Dec 15, 2019 7:04AM ET
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What do you think? Do they finally agree or the market collapses?
sandeep raj
sandeep raj Dec 15, 2019 4:30AM ET
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trade deal goes to fevour only US China get duck
Istvån Bågyi
Istvån Bågyi Dec 15, 2019 4:28AM ET
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So the Nasdaq goes up 9k?
Andrew Au
Andrew Au Dec 15, 2019 4:15AM ET
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Stocks were choppy during Friday's session because investors received mixed messages as to whether the two sides have actually agreed to anything, or are on the same terms. Based on this news, I'd say that this confirms the phase 1 deal has been reached, and that the market should react positively.
 
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