China to Halve Tariffs on Hundreds of U.S. Goods Worth $75 Billion

China on Thursday announced that it will halve tariffs on hundreds of U.S. goods worth about $75 billion, the government said on Thursday.

The measure, which enters into force on 14 February, concerns tariffs for 1600 products introduced on 1 September last year. Duties on some of them will be reduced to 5 percent, if they were previously 10 percent, and for others they would fall from 5 to 2.5 percent.

The statement on the Ministry of Finance website said the move was made in order to "advance the healthy and stable development of China-U.S. trade.", CNBC reported.

This comes a month after a ceasefire in the trade war between the two largest economies in the world.