China cuts tariffs on $75B of US imports in trade truce

China cuts tariffs on $75B of US imports in trade truce
President Donald Trump signs a trade agreement with Chinese Vice Premier Liu He, in the East Room of the White House, Wednesday, Jan. 15, 2020, in Washington. (Source: AP Photo/Evan Vucci)

BEIJING (AP) - China has announced tariff cuts on $75 billion of U.S. imports including soybeans, pork and auto parts in a trade truce with Washington as Beijing struggles with a costly virus outbreak.

The Ministry of Finance said the reductions applied to tariffs imposed Sept. 1 as the two sides were ratcheting up their dispute over Beijing’s technology ambitions and trade surplus.

Washington announced similar reductions last month.

Both sides have announced conciliatory steps since agreeing in October to a “Phase 1” deal under which Washington canceled planned additional tariff hikes and Beijing committed to buying more U.S. farm exports.

However, most tariff hikes imposed previously by both sides on billions of dollars of each other’s good are still in place. The lingering dispute threatens to chill global economic growth.

There was no indication Beijing altered its own reductions in response to the impact of measures imposed to contain a virus outbreak that have closed factories, restaurants and shops.

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