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China will lower its tariffs on U.S. goods to 10% for an initial 90 days starting from 12:01 pm (0401 GMT) on Wednesday, Chinese finance ministry said in a statement on Tuesday.

The ministry said it would reduce the 34% duties on U.S. goods to 10% it imposed last month and cancel the additional 91% rate in two later rounds of measures.

"The significant reduction in bilateral tariffs between China and U.S. aligns with expectations of producers and consumers in both countries, and is conducive to economic and trade exchanges between China and the U.S. and to the global economy," read the statement.