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Message: <blockquote data-quote="dennishoddy" data-source="post: 3323125" data-attributes="member: 5412">China on Thursday announced that it will halve tariffs on hundreds of U.S. goods, which will take effect Feb. 14.Tariffs on some U.S. goods will be cut from 10% to 5%, and from 5% to 2.5% on others, according to a statement from China’s Ministry of Finance. That will take effect from 1:01 p.m on Feb. 14, it said, but did not specify what time zone.The adjustment would apply to about $75 billion worth of imports from the U.S. that was slapped with tariffs on Sept. 1, 2019, according to a separate statement on the ministry’s website.The statement said the move was made in order to “advance the healthy and stable development of China-U.S. trade.”China and the U.S. have imposed tariffs on billions of dollars worth of each other’s goods in their trade battle. Both countries have, however, reached a so-called phase one trade agreement which they signed in January.Under the agreement, the Trump administration scrapped tariffs initially set to take effect December. It also agreed to cut duties on $120 billion in products to 7.5%.Still, the White House has said it will leave tariffs on another $250 billion in Chinese products in place for now. On Wednesday, Treasury Secretary Steven Mnuchin said <a href="https://www.cnbc.com/2020/01/15/mnuchin-says-more-tariffs-will-be-rolled-back-in-phase-two-of-trade-deal.html" target="_blank">a second phase of the agreement that the U.S. hopes to strike could include more tariff relief.</a><a href="https://www.cnbc.com/2020/02/06/china-to-halve-tariffs-on-hundreds-of-us-goods.html" target="_blank">https://www.cnbc.com/2020/02/06/china-to-halve-tariffs-on-hundreds-of-us-goods.html</a></blockquote>

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