China will reduce half the tariffs on a number of US $ 75 billion worth of goods imported from the US from February 14, country's finance ministry reported.

The statement said that China hopes that both parties will be able to comply with their obligations under the deal, strengthen market confidence, promote the development of bilateral trade and economic relations and contribute to the growth of the global economy, RIA Novosti reported.

Other measures to levy increased customs tariffs on American goods will be implemented. China will continue to work to further reduce import tariffs from the 

China in August last year announced it was introducing reciprocal additional tariffs of 10% and 5% on the import of American goods for $ 75 billion a year in response to the US decision to impose 10% tariffs on imports of Chinese goods worth $ 300 billion.

The US and China signed the first part of the trade deal on January 15, under which Washington nevertheless retained tariffs of 25% on Chinese goods worth about $ 250 billion, along with 7.5% on goods worth $ 120 billion.

The deal stipulates that the Chinese side will purchase US industrial products for $ 75 billion, energy for $ 50 billion, agricultural products for $ 40 billion, and China will have to spend another $ 35-40 billion over the next two years on services. Thus, the US expects to bring the imbalance in trade with China, which totaled hundreds of billions of dollars, to an honest denominator.