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

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Coronavirus dashboard

Illustration: Eniola Odetunde/Axios

  1. Global: Total confirmed cases as of 7:30 p.m. ET: 11,565,541 — Total deaths: 536,658 — Total recoveries — 6,258,697Map.
  2. U.S.: Total confirmed cases as of 7:30 p.m. ET: 2,922,000 — Total deaths: 130,208 — Total recoveries: 924,148 — Total tested: 36,032,329Map.
  3. Public health: Case growth outpacing testing in hotspots.
  4. States: West Virginia becomes latest state to mandate facial coverings in public.
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