China to halve retaliatory tariffs on hundreds of US goods worth about $75 billion

• China on Thursday announced that it will halve tariffs on hundreds of U.S. goods worth about $75 billion.
• Retaliatory tariffs on some U.S. goods will be cut from 10% to 5%, and from 5% to 2.5% on others, according to a statement from China’s Ministry of Finance. The adjustments will take effect from 1:01p.m on Feb. 14, Beijing time.
• The cuts apply to about $75 billion worth of imports from the U.S. that was slapped with tariffs on Sept. 1, 2019, according to a separate statement on the ministry’s website.
• After the cut, duties on U.S. crude will be reduced to 2.5%, from 5%, and the tariff on soybeans will be trimmed by 2.5%.

(Source: CNBC)