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China to Cut Tariffs on $75 Billion of US Imports

FILE - Soybeans awaiting transport sit in a truck-bed in Delaware, Ohio, May 14, 2019.

China says it will cut tariffs on $75 billion of U.S. imports as part of a preliminary agreement between the economic giants to end their trade war.

The Finance Ministry released a statement Thursday saying it will cut tariffs on some goods from 10% to 5%, and others from 5% to 2.5%, effective February 14 at 0501 GMT (midnight Washington).

The tariff cuts will cover a range of goods from soybeans, pork, fresh seafood, auto parts. The cuts imposed by Beijing will take effect the same day Washington is expected to cut tariffs on $120 billion worth of Chinese imports.

The tariff cuts are part of a "phase one" deal signed by negotiators from both nations last month that ended a series of escalating tit-for-tat tariffs that began in June 2018, sparked by President Donald Trump's initial demand for changes in China's trade, subsidy and intellectual property practices.

The Trump administration says it won an expansion of American agricultural and energy exports to China under the truce agreement.

The deal also includes a promise by Beijing to give more protection for American companies' intellectual property, and halt the practice of forcing foreign companies to transfer technology. It remains unclear how those provisions will be enforced.

The U.S. also wants Beijing to curb subsidies to state-owned enterprises and grant American companies greater access to China's markets.