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US temporarily suspends tariffs on Chinese products
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IANS | 21 May, 2018
US Treasury Secretary Steven Mnuchin has said the US was temporarily
suspending tariffs on Chinese goods after an agreement was reached to
reduce the bilateral trade deficit.
"We are putting the trade war
on hold," Mnuchin said on Sunday in a "Fox News Sunday" television
interview. "Right now, we have agreed to put the tariffs on hold while
we try to execute the framework."
In recent weeks, President
Donald Trump had threatened to slap tariffs on as much as $150 billion
worth of Chinese imports to force changes in China's trade practices, to
which Beijing responded by vowing to retaliate against US exports, Efe
news reported.
After two days of negotiations in Washington, the
US and China on Saturday announced a framework agreement whereby Beijing
agreed to "significantly" increase its purchases of US goods and
services in an attempt to mitigate the risks of a trade war.
However,
China failed to commit to a specific dollar figure despite Washington's
initial demand for a $200 billion reduction by 2020 in the trade
deficit - which hit a record $375 billion last year.
Mnuchin
downplayed that failure, saying that the two delegations had agreed on
"specific targets" for individual sectors but adding that they would not
be publicly disclosed.
Commerce Secretary Wilbur Ross will soon
visit Beijing to finalize the agreement whereby China will import more
energy products and agricultural commodities from the US, the treasury
secretary said.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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