Chinese Vice Premier Liu He and President Trump at the White House on Jan. 15. Photo: Mark Wilson/Getty Images
Why it matters: This is another sign of tensions easing in the prolonged trade war between the U.S. and China that's brought major uncertainty to the markets and hurt the U.S. manufacturing industry and farmers.
By the numbers: The Chinese government will cut tariffs from 10% to 5% on some U.S. goods and from 5% to 2.5% on others to "advance the healthy and stable development of China-U.S. trade," according to the ministry.
- President Trump and Chinese Vice Premier Liu He signed "phase one" of a trade deal between the two countries last month.