Connect with us

Hi, what are you looking for?

Capital Business
Capital Business
The reduction will apply to levies of five percent and 10 percent that were imposed on more than 1,700 items in September, according to the State Council Tariff Commission/COURTESY

Kenya

China to cut tariffs on $75 billion in US imports: official

The reduction will apply to levies of five percent and 10 percent that were imposed on more than 1,700 items in September, according to the State Council Tariff Commission/COURTESY

BEIJING, China, Feb 6 – China said on Thursday it will halve punitive tariffs on $75 billion in US imports from February 14, a month after Beijing and Washington signed a truce in their long-running trade war.

The reduction will apply to levies of five percent and 10 percent that were imposed on more than 1,700 items in September, according to the State Council Tariff Commission.

Products that had been hit by the 10 percent tariffs included fresh seafood, poultry and soybeans.

The tariffs also applied to items such as tungsten lamps for scientific and medical purposes, as well as some types of aircraft.

The move is aimed at “promoting the healthy and stable development of China-US economic and trade relations”, the Commission said in a statement.

It said it “hopes that both parties will be able to abide by their agreement, strive to implement its relevant content, (and) boost market confidence”.

The US and China in January signed a partial deal that dialled down tensions in their bruising trade war, with Beijing agreeing to buy an additional $200 billion in American goods over the next two years.

The tariff reductions also come as China grapples with a shortage of resources in its fight against the new coronavirus, which has claimed more than 560 lives.

Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...