China cuts tariffs on $75bn of US goods amid coronavirus pressure

China has cut tariffs on $75bn (£57.5bn) worth of imports from the US.

The move comes as trade tensions ease and Beijing tries to cushion the economic shock caused by the coronavirus outbreak.

Asian stock markets surged higher on the announcement, which follows a similar reduction by the Trump administration last month.

Markets in Europe also enjoyed a positive opening while, in New York, the Dow Jones Industrial Average and S&P 500 were trading at fresh record highs in response to the measure.

U.S. President Donald Trump greets Chinese Vice Premier Liu He prior to signing "phase one" of the U.S.-China trade agreement with Liu in the East Room of the White House
Image:Donald Trump and Chinese Vice Premier Liu He signed a ‘phase one’ US-China trade deal in January

The tariffs – targeting American goods such as car parts – were imposed last September as part of the dispute between the world’s two biggest economies.

Mark Gibson

Graduates in Northwestern University, Evanston, Illinois 1990. Move to Los Angeles California in 2004. Specialized in Internet journalism.

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