China suspends planned tariffs on US goods

Beijing: Beijing suspended additional tariffs on US products that had been due to kick in on Sunday, after Washington and Beijing announced a major thaw in their trade war Friday.

China will suspend the planned addition of 10% and 5% tariffs on some US imports, and "continue to suspend additional tariffs on US-made autos and spare parts", China's finance ministry announced Sunday.

The move follows US President Trump's cancellation of new tariffs on Chinese product as part of a "phase one" trade deal.

China's commerce ministry said on Friday it had agreed with the US a mini-deal that includes a progressive rollback of tariffs and the protection of intellectual property rights.

The two sides have yet to sign the agreement, which represents a major breakthrough in the 21-month standoff between the world's two largest economies.

In addition to existing tariffs, Trump had previously threatened to impose a 15% levy on Sunday on around $160 billion of Chinese exports, including popular US consumer goods like electronics and clothing.

China had said it would respond with a 25% tariff on US autos and a 5% tariff on auto parts -- levies that were suspended earlier this year as a goodwill gesture.

The move comes after Washington on Friday halted its plan to introduce fresh tariffs on the remaining $ 100 billion worth of Chinese goods which were so far exempt from the punitive action.

Beijing has agreed to import at least $200 billion in additional US goods and services over the next two years on top of the amount it purchased in 2017, the top US trade negotiator said Friday.

A statement issued by the United States Trade Representative also on Friday said the United States would leave in place 25% tariffs on $250 billion worth of Chinese goods.

With ANI Inputs