China to Halve Retaliatory Tariffs on Some US Imports

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China has halved retaliatory tariffs on hundreds of US goods, including crude oil and soybeans, effective February 14.

The country’s Ministry of Finance announced on Thursday that the tariffs on 916 US goods have been reduced from 10 percent to 5 percent, while levies on 801 items will be cut from 5 percent to 2.5 percent.

The pertinent tariffs were imposed on September 1 as the first part of China’s plan to slap $75 billion worth of US goods with punitive rates of 5-10 percent.

The cuts apply to 26 kinds of paper and processed paper products, including tissue and some kraft paper.

The direct impact on the paper industry is considered minimal as tariffs on major grades remain unchanged.

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