China says to halve tariffs on some U.S. imports

China said on Thursday it will halve tariffs on some goods imported from the United States starting from 1:01 p.m. local time (0501 GMT) on Feb. 14 and reiterated it hopes it can work with Washington to eventually scrap all tariffs in bilateral trade.

China's finance ministry said in a statement that tariffs on some goods will be cut to 5% from 10% previously, while tariffs on some goods will be lowered to 2.5% from 5% previously.

China hopes it and the United States can abide by the trade deal they agreed to and implement it well in order to boost market confidence, push bilateral trade development and aid global economic growth, the ministry added.