China to cut punitive tariffs on $75 billion in US imports: Report

The Chinese government has said it will cut punitive tariffs on USD 75 billion in US imports by half starting February 14. The decision came almost a month after Beijing and Washington signed a truce in their trade war, following years-long tussle. As per the State Council Tariff Commission, the reduction will apply to tariffs of five per cent and 10 per cent that were imposed on more than 1,600 items in September.