(WASHINGTON EXAMINER) -- Beijing said Thursday that it would halve some tariffs on U.S. goods as part of its "phase one" trade deal with the U.S., cutting some to 5% and others to 2.5%.
It was unclear how much trade in U.S. goods was covered by the reduction, though the tariffs were part of a $75 billion block of U.S. goods that Beijing had targeted for retaliation during last year's trade war.
The Chinese Commerce Ministry said in a statement that the reductions were meant to “alleviate economic and trade frictions and expand economic and trade cooperation” between the two countries. It said it wanted to work towards the "ultimate elimination of all increased tariffs."
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