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China suspends additional tariffs on US imports

China suspended the additional 10% and 5% tariffs on some U.S. imports originally due to take effect on Dec. 15, after the two countries agreed to the text of a phase-one deal to slow their trade war.

The Chinese Customs Tariff Commission of the State Council said extra tariffs on U.S. auto parts and vehicles will also remain suspended, though other duties already imposed on U.S. imports will continue, except for the products on the exemption list.

U.S. President Donald Trump said Dec. 13 that his administration will not impose 15% tariffs on $160 billion of Chinese goods slated to go into effect Dec. 15 and that negotiations on a "phase two deal" will begin "immediately."

Separately, U.S. Trade Representative Robert Lighthizer said in an interview with CBS that Chinese imports from the U.S. will approximately double in two years and that China pledged to $40 billion to $50 billion in farm purchases annually over the next two years as part of the "phase one" deal.

The agreement still has to be signed and translated.