China announced it would halve punitive tariffs on some goods imported from the US, in a move expected to bolster market sentiment that has been hit by the coronavirus epidemic.
The country’s finance ministry said in a statement on Thursday it would lower tariffs on some goods from 5 to 2.5 per cent and cut those on others from 10 to 5 per cent on February 14.
China’s CSI 300 index of Shanghai- and Shenzhen-listed stocks rose 1 per cent in morning trading ahead of the announcement, while in Tokyo the Topix extended earlier gains to 2.2 per cent following the announcement.
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