US offers tariff rate cut on Chinese goods by as much as 50%

The United States has offered to slash existing tariffs on Chinese goods by as much as 50% and suspend new tariffs expected to go into effect Sunday in an attempt to secure a "Phase One" trade deal. According to reports, negotiators have offered to reduce tariffs on about $375 billion in Chinese goods by 50% across the board and suspend tariffs on $160 billion in goods scheduled for December 15.