China suspends tariffs on some US goods

China suspends planned tariffs scheduled for December 15 on some U.S. goods.

Beijing has agreed to import at least $200 billion in additional U.S. goods and services over the next two years on top of the amount it purchased in 2017, the top U.S. trade negotiator said Friday.

The deal, rumors and leaks over which have gyrated world markets for months, reduces some US tariffs in exchange for what US officials said would be a big jump in Chinese purchases of American farm products.

China’s retaliatory tariffs, which were due to take effect on December 15, were meant to target goods ranging from corn and wheat to US made vehicles and auto parts.

Other Chinese tariffs that had already been implemented on US goods would be left in place, the commission said in a statement issued on the websites of government departments including China’s finance ministry.

“China hopes, on the basis of equality and mutual respect, to work with the United States, to properly resolve each other’s core concerns and promote the stable development of US-China economic and trade relations,” it added.

A statement issued by the United States Trade Representative also on Friday said the United States would leave in place 25 per cent tariffs on $250 billion worth of Chinese goods.

Earlier, Provincial Minister for Industries & Trade Mian Aslam Iqbal has said that Punjab is the first province of Pakistan which has established two special economic zones in private sector and five special economic zones in public sector.

Two billion dollars foreign investment has been come in Faisalabad Industrial Estates, industries of one billion dollar has been established and agreements of one billion dollars investment with foreign companies have been inked.

Prime Minister Imran Khan will inaugurate Allama Iqbal Industrial City Faisalabad on January 03, 2020.

He expressed these views while addressing the inaugural ceremony of chief minister’s “Hunarmand Nujawan Program” at Expo Centre, Johar Town, today.

Chief Minister Sardar Usman Buzdar was the chief guest of the ceremony while federal and provincial ministers, members of parliament and people belongings various sectors of life attended the ceremony.