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China&rsquo;s Ministry of Finance has <a href="http://gss.mof.gov.cn/gzdt/zhengcejiedu/202002/t20200206_3466538.htm" target="_blank" rel="noopener noreferrer">announced</a> that retaliatory tariffs it implemented on a range of U.S. goods in response to the U.S. government&rsquo;s Section 301 tariffs will be reduced February 14, 2020 on certain products from 10 percent to 5 percent, and on others from 5 percent to 2.5 percent. China first implemented these retaliatory tariffs in May 2019 after trade negotiations faltered and the United States increased the tariff rates on imports of certain Chinese products. (See <a href="https://www.trumpandtrade.com/2019/05/china-retaliates-united-states-announces-additional-section-301-tariffs-as-trade-negotiations-falter/#more-2564">Trump and Trade Update of May 14, 2019</a>.)
These Chinese tariff rate reductions will occur on the same date that the United States will reduce its tariff rate from 15 percent to 7.5 percent on $120 billion worth of goods imported from China (i.e., List/Tranche 4A) (see <a href="https://www.trumpandtrade.com/2020/01/section-301-tariffs-on-list-4a-chinese-products-reduced-to-7-5-on-february-14-2020/">Trump and Trade Update of January 16, 2020</a>). China also indicated that it would continue to apply any previously granted product exclusion requests, as well as continue to review previously submitted requests seeking exclusion from China&rsquo;s tariffs. Trade officials from both China and the United States have indicated that any further tariff rate reductions or the removal of additional tariffs on products will depend upon progress in &ldquo;Phase Two&rdquo; trade negotiations between the countries.
Note to Readers:&nbsp;In linking to the Ministry of Finance&rsquo;s announcement (and its several attachments), you will need to apply a text language translator.

core/freeform

SmarTrade

Senior Legislative and Regulatory Policy Advisor

Scott E. Diamond

China to Reduce Tariffs on Imports of U.S. Goods Valued at $75 Billion