HONG KONG — China on Thursday said it would reduce tariffs on $75 billion worth of American-made goods, a step that signals its intention to hold up its end of a trade truce with President Trump despite the coronavirus crisis unfolding largely within its borders. The move announced on Thursday was widely expected as both sides back down from an increasingly punishing trade war. The deal represented a freeze on the trade war rather than an end, and the countries have pledged to continue talks. The United States agreed to reduce tariffs on $120 billion worth of Chinese-made goods as part of that deal, and on Thursday, China reciprocated. China’s Ministry of Finance said that it would essentially halve tariffs it placed in September on American cars, crude oil, soybeans and other goods.

Source: New York Times February 06, 2020 09:45 UTC