China suspends implementation of tariff on US goods
China has suspended planned additional tariffs on some US goods that were meant to be implemented by Dec. 15. The suspension of tariffs come after the world’s two largest economies agreed a “phase one” trade deal on Friday.
The deal has affected world markets for months as uncertainty over it fed economic anxieties. This deal would reduce some US tariffs in exchange for a big jump in Chinese purchases of American agricultural products and other goods.
China’s planned retaliatory tariffs were meant to target American goods ranging from corn and wheat to manufactured goods such as vehicle and auto-parts.