BEIJING: China on Thursday said it would halve tariffs on $75 billion-worth of US imports as part of its trade truce with Washington and as officials look to calm markets unnerved by the deadly virus outbreak. The move is aimed at “promoting the healthy and stable development of China-US economic and trade relations”, the Commission said in a statement. “To alleviate economic and trade friction, and expand cooperation in these areas, China has also made relevant adjustments,” it added, referring to the US cuts. SWEET CARROTAxiCorp chief market strategist Stephen Innes said the tariffs cut was a “small but rather a sweet carrot to dangle”. Moody’s Analytics economist Xu Xiaochun told AFP a reduction in tariffs “makes sense” as China is expected to import more US goods as part of the phase one deal.

Source: Pakistan Today February 06, 2020 11:03 UTC