BEIJING, China (NBC) – After President Trump announced that the U.S. had canceled plans for new tariffs on billions of dollars of Chinese imports, Chinese officials responded by saying China will lower trade penalties on U.S. goods.
President Trump scrapped plans to impose new tariffs on $160 billion of Chinese goods. It’s part of what’s being called “a modest interim agreement” to de-escalate the 17-month trade war between China and the U.S.
China’s vice minister of commerce and deputy trade representative said the deal matches the direction of internal reforms and coincides with China’s need to promote the high quality of its economy.
The U.S. also reduced existing tariffs on $112 billion of Chinese goods from 15% to 7.5%.
Trump said China, in return, agreed to “massive” purchases of U.S. agriculture products.
The vice director of China’s economy regulatory body said China will increase imports of U.S. products, but not of agricultural products.
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