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.
Brokerage Compliance Symposium
The day before F3. Every compliance issue you face - fraud exposure, carrier liability, FMCSA rules, cargo theft, insurance gaps - navigated by attorneys and operators defining best practices in a changing industry.
F3 Awards Dinner
The night before F3. FreightTech100 companies honored. FreightTech 25 and Shipper of Choice winners revealed live. Cocktail reception into dinner and live music - 300 industry leaders in one purpose-built room.
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.
The day before F3. Every compliance issue you face - fraud exposure, carrier liability, FMCSA rules, cargo theft, insurance gaps - navigated by attorneys and operators defining best practices in a changing industry.
The Signal at Chattanooga Choo Choo • Chattanooga, TN Register NowThe night before F3. FreightTech100 companies honored. FreightTech 25 and Shipper of Choice winners revealed live. Cocktail reception into dinner and live music - 300 industry leaders in one purpose-built room.
The Signal at Chattanooga Choo Choo • Chattanooga, TN 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