China announced on Thursday that it will halve tariffs on $75 billion worth of US imports, as the world's two largest economies continue to step back from a years-long trade war that has hurt both countries and dented global growth.

The move comes as China is grappling with the escalating coronavirus outbreak. The disease has killed 565 people, mostly in China, and infected more than 28,000 people in over 25 countries and territories.

Starting next week, US goods that have a tariff rate of 10% will be reduced to 5%, and products that have a tariff rate of 5% will be levied 2.5%, according to a statement from China's State Council Tariff Commission. China imposed the heightened tariffs on US goods last September.

The commission added that other tariffs on US goods will be maintained while it continues to work on exemptions.

“China hopes that both sides will abide by bilateral agreements and make an effort to implement relevant provisions so that we can boost market confidence, promote bilateral trade relations and global economic growth,” the statement said.