On Thursday, China said it will reduce tariffs on select goods which it imports from the United States by 50% starting from 1:01 p.m. local time (0501 GMT) on February 14 and said, it hopes to work with the U.S. to ultimately remove all tariffs in bilateral trade.

In a statement, China’s finance ministry stated, tariffs on some goods will be cut to 5% from 10% while tariffs on some goods will be lowered to 2.5% from 5%.

The statement by China’s finance ministry also mentions that Beijing hopes, along with the U.S., both countries will abide the terms of the trade deal and implement it well in order to boost market confidence, push bilateral trade development and boost global economic growth.

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