China cancelled on Sunday a round of additional taxes to some American goods, in compliance with the first face of an agreement reached between both parties to advance to the end of their commercial war.
The Customs Tariffs Commission of the Council of State (cabinet) explained that it eliminated the tariff
rise of 10 and 5 percent planned to come into effect on Sunday, and will cancel later on the tariff on vehicles and automobile parts manufactured in the USA.
rise of 10 and 5 percent planned to come into effect on Sunday, and will cancel later on the tariff on vehicles and automobile parts manufactured in the USA.
The measures were taken to abide by the results of recent bilateral negotiations; they are in accordance with the national laws and regulations on customs, foreign trade, and tariffs; besides, they fulfill the basic principles of international regulations.
The Commission also reported on the implementation of the agreement and the gradual introduction of tax exemptions for American goods.
However, it called for joint work based on equality and mutual respect to correctly address the main concerns of each party and promote the stable development of economic and trade relations.
Both world powers reached an agreement on Friday on phase one of the limited pact and which consists of nine chapters related to intellectual property, food and agricultural products, trade impulse, finances, currency and transparency, forced technology transfer, bilateral assessment and dispute resolution.
By: Prensa Latina.
Image: The New York Times.
Review: FlagMarkets.