In the middle of the corona virus storm, China halved its tax rate for US $ 75 billion of US goods

According to a notice issued by the Ministry of Finance just a few minutes ago, from 1:21 pm on February 14, the tax reduction policy will ...


According to a notice issued by the Ministry of Finance just a few minutes ago, from 1:21 pm on February 14, the tax reduction policy will take effect. This is also the time that the US will proceed to reduce taxes on Chinese goods.

China has announced it will halve the tax rate on US $ 75 billion of US imports, in a move that will meet the terms of a temporary trade agreement between the two countries.

According to a notice issued by the Ministry of Finance just a few minutes ago, from 1:21 pm on February 14, the tax reduction policy will take effect. This is also the time that the US will proceed to reduce taxes on Chinese goods. The punitive tariffs China imposed on US goods from September 1 last year will be reduced from 10% to 5%, and the remaining taxes from 5% to 2.5%.

The tax on crude oil is reduced from 5% to 2.5%, for soybeans from 30% to 27.5%, pork, beef and chicken from 35% to 30%.

Both countries said it was part of a first-phase deal that the two sides signed last month. The world's two largest economies have suspended their trade war since January. Although there are still many disagreements and tax reductions, most of the goods exchanged between the two countries are still taxed.

Other retaliatory measures that China imposes on US goods will still be effective.

Another important point of the agreement is that China agrees to increase purchases of US agricultural products, in the next 2 years will buy more than $ 200 billion compared to the level of 2017. Tomorrow China will publish monthly trade figures 1, providing a first look at U.S. imports in 2020. Economic experts forecast total exports to fall in January due to the holiday season, and the epidemic to be overshadowed. Chinese economic prospects in the coming months.

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High Tech Brain: In the middle of the corona virus storm, China halved its tax rate for US $ 75 billion of US goods
In the middle of the corona virus storm, China halved its tax rate for US $ 75 billion of US goods
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