China will lower tariffs on U.S. goods to 10% for an initial 90-day period starting at 12:01 p.m. local time Wednesday (0401 GMT), the finance ministry said Tuesday.
The ministry said it would reduce the 34% tariff it imposed last month and cancel an additional 91% in duties that were added in two later rounds.
“This significant reduction in tariffs meets the expectations of producers and consumers in both countries,” the ministry said. “It will help boost trade between China and the U.S., and support the global economy.”China to cut tariffs on U.S. goods to 10% for 90 days
