China will be lowering import tariffs on frozen pork, high-tech components and other products starting in January as Beijing and the U.S. work to reach a trade deal after a months-long standoff.
The plan, announced Monday by the Finance Ministry, will cut tariffs on 859 types of products from all trading partners, The Wall Street Journal reports.
The reduced tariffs will reportedly apply to many items Chinese companies purchase from the U.S., including pork, tech-related equipment and pharmaceuticals to treat diseases, according to the Journal.
ADVERTISEMENT
China also announced it will further cut tariffs on some information-technology products and services starting in July, the newspaper noted.
Washington and Beijing said earlier this month that negotiators had reached a deal on “phase one” of a trade agreement. Officials said the “phase one” deal involves lifting some U.S. tariffs on China, while Beijing has agreed to purchase more agricultural products from the U.S.
President TrumpDonald John TrumpFormer pro golfer advanced business interests of indicted Giuliani associates: report Republican group to run ads in target states demanding testimony from White House officials in Trump impeachment trial Mulvaney deputy tapped for White House tech post MORE tweeted last Friday that a formal signing of the deal is “being arranged.”
On Monday, Trump shared U.S. media reports about China’s announcement to lower import tariffs. He did not add any additional comment in his tweets.