China cuts tariffs on $75B of US imports in trade truce
China cut tariffs on $75 billion of U.S. imports including soybeans, pork and auto parts Thursday in a trade truce with Washington while Beijing struggles with a costly virus outbreak.
The cuts follow last month's signing of a "Phase 1" agreement toward ending a long-running tariff war over Beijing's technology ambitions and trade surplus. Both sides have made conciliatory gestures but the lingering dispute threatens to chill global economic growth.
The reductions follow American tariff cuts last month on Chinese goods. There was no indication Beijing altered its own cuts in response to the rising cost of efforts to contain a virus outbreak that have depressed business activity by closing factories, restaurants and shops.
The U.S-China trade war is affecting the global economy. Trump and Xi need to get together and try to resolve this in an adult fashion.
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