Global shares rally after China pledges tariff cuts on US goods.

China has announced it will halve tariffs on some US imports as it moves to implement a "phase one" trade deal with the Trump administration and cushion the economic fallout from the coronavirus epidemic.

The move spurred a rally on global stock markets with Asian bourses rallying from deep losses on mounting concerns over the impact on China from the virus. European shares also gained ground while US futures trading was indicating a firmer start to Wall Street.

The finance ministry said tariffs on some goods would be cut by half, from 5 percent to 2.5 percent or 10 percent to 5 percent, on February 14, the same day that last month's agreement between the two countries is set to take effect. The reductions apply to punitive tariffs imposed on 1,717 US products by China in September.

Washington also plans to halve tariffs on some Chinese goods on February 14 from 15 percent to 7.5 percent, according to a notice to the Federal Register by the office of the US Trade Representative. The US tariffs were imposed in September as President Donald Trump threatened to impose punitive taxes on all Chinese imports.

"China will adjust its measures at the same time to alleviate economic and trade frictions and expand economic and trade co-operation," said a Chinese finance ministry spokesperson.

The spokesperson added that...