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Chinese Vice Premier Liu He and President Trump at the White House on Jan. 15. Photo: Mark Wilson/Getty Images

China will halve tariffs on about $75 billion of imports from the U.S., effective Feb. 14, the country's finance ministry said in statements posted to its website Thursday.

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.

The big picture: The ministry announced on Saturday it was suspending tariffs on some U.S. and Canadian imports that could be used to help combat the novel coronavirus outbreak.

  • President Trump and Chinese Vice Premier Liu He signed "phase one" of a trade deal between the two countries last month.

Go deeper: U.S. and China sign "phase one" trade agreement

Go deeper

Biden to meet with U.S. financial regulators on Monday

Photo: Drew Angerer via Getty Images

President Biden will meet with financial regulators on Monday.

Driving the news: "The meeting will cover regulatory priorities including climate-related financial risk and agency actions to promote financial inclusion and to responsibly increase access to credit," said press secretary Jen Psaki, according to a press pool report.

Updated 4 hours ago - Economy & Business

The next worker fight: Time off for Juneteenth

Illustration: Annelise Capossela/Axios

Who gets paid time off to celebrate Juneteenth in the years to come will be uneven and complicated, if history is any guide.

Why it matters: Corporate America hasn't grappled with a new federal holiday since Martin Luther King Jr. Day was authorized almost 40 years ago. How they responded took years to evolve.