» Subscribe Today!
The Power of Information
Home
The Ledger - EST. 1978 - Nashville Edition
X
Skip Navigation LinksHome > Article
VOL. 44 | NO. 19 | Friday, May 8, 2020

China suspends penalties on more US goods in trade truce

Print | Front Page | Email this story

BEIJING (AP) — China suspended punitive tariffs on more U.S. goods including radar equipment for aviation Tuesday amid pressure from President Donald Trump to buy more imports as part of a truce in their trade war.

The Ministry of Finance said tariff increases on 79 types of goods including radar sets, disinfectant and rare earths minerals would be suspended for one year starting May 19.

Washington agreed in January to cancel additional tariff hikes and Beijing committed to buy more American farm exports. U.S. officials said China agreed to address complaints about its technology policies.

Trump threatened May 3 to terminate the agreement if China fails to buy more American goods.

Trump said earlier that Beijing agreed to buy $200 billion of American farm goods and other exports. China resumed purchases of American soybeans but has yet to confirm the size of its commitment.

Trump's threat rekindled fears in financial markets of more U.S.-Chinese conflict and potential disruption of global trade at t a time when economies are reeling from the impact of the coronavirus pandemic.

The two sides have raised duties on tens of billions of dollars of each other's imports in a dispute over China's technology ambitions and trade surplus.

Slumping economic activity due to the virus has prompted suggestions China might be unable to carry out commitments to boost imports.

Last week, U.S. and Chinese trade negotiators promised to create "favorable conditions" for carrying out the truce, China's government announced. The two sides gave no timeline for more talks.

Tuesday's announcement was the third Chinese tariff cut since the January agreement.

Beijing announced on Feb. 6 it would reduce duties on $75 billion of U.S. goods. It followed up by rolling back penalties on a list of goods that included medical and industrial machinery.

Follow us on Facebook, Twitter & RSS:
Sign-Up For Our FREE email edition
Get the news first with our free weekly email
Name
Email
TNLedger.com Knoxville Editon
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 0 0 0
MORTGAGES 0 0 0
FORECLOSURE NOTICES 0 0 0
BUILDING PERMITS 0 0 0
BANKRUPTCIES 0 0 0
BUSINESS LICENSES 0 0 0
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0