China suspends planned tariffs on U.S. goods

BEIJING, China – Beijing suspended additional tariffs on United States products that had been due to kick in on Sunday, December 15, after Washington and Beijing announced a major thaw in their trade war Friday, December 13.

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 Donald Trump's cancellation of new tariffs on Chinese products 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. – Rappler.com