On Dec. 15, the same day Chinese tariffs were set to kick in on some U.S. goods, China agreed to suspend those levies, according to media reports.
The suspension covers tariffs on products including corn and U.S.-made cars and auto parts, Reuters reported.
The last-minute suspension came two days after the two countries agreed to a Phase I deal that would ease the trade war that has roiled markets for the past 18 months.
As part of that deal, the U.S. will halt tariffs on a $160 billion list of Chinese imports, mostly toys and consumer electronics.
The reduction in tariffs will be offset by a substantial increase in Chinese purchases of American farm products, from $40 billion to $50 billion annually over the next two years, as FreightWaves previously reported.
The United States also agreed to cut the tariff rate to 7.5% on a $120 billion list of Chinese goods including Bluetooth headphones, smart speakers and flat-panel televisions.
The deal leaves in place 25% tariffs on $250 billion worth of Chinese goods.
Supply Chain AI Symposium
Past the hype. Join operators, founders, and enterprise leaders figuring out how to deploy AI in supply chain.
F3: Future of Freight Festival
Industry-defining keynotes, rapid-fire technology demos, and industry leaders networking in experiences across Chattanooga - plus the inaugural F3 Awards Dinner featuring the FreightTech and Shipper of Choice reveals.
Past the hype. Join operators, founders, and enterprise leaders figuring out how to deploy AI in supply chain.
The Old Post • Chicago, IL Register NowIndustry-defining keynotes, rapid-fire technology demos, and industry leaders networking in experiences across Chattanooga - plus the inaugural F3 Awards Dinner featuring the FreightTech and Shipper of Choice reveals.
The Signal at Chattanooga Choo Choo • Chattanooga, TN Register Now