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Trade war

US and China halve tariffs as pledged in phase one trade deal

Coronavirus outbreak threatens slowdown in implementation

Trade tensions are easing between the U.S. and China as both sides deliver on pledges to cut tariffs.

WASHINGTON -- The U.S. cut tariffs on Friday for $120 billion of Chinese goods from 15% to 7.5%, marking the first time that sanctions have been eased after nearly two years of escalating trade tensions between the world's two biggest economies.

China is to reduce its retaliatory duties on some U.S. goods on Friday.

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