China Will Cut Import Tariffs For Some Products

Forex News

Escalation of trade dispute between the US and China makes Chinese government to cope with aftermaths. China's state cabinet said the government will cut import tariffs for products including machinery, electrical equipment and textile products beginning on November 1.

The overall tariff level will be reduced to 7.5% in 2018 from 9.8% in 2017. The move is aimed to lower costs for consumers and companies by about 60 billion yuan this year. In July, China cut import tariffs on almost 1.500 consumer products ranging from cosmetics to home appliances as part of efforts to open up its economy, the world’s second biggest.

On Monday, the US slapped duties on $200bn of Chinese imports, escalating its trade war with Beijing. China has hit back by announcing new trade tariffs on $60bn of US goods. The Chinese Commerce Ministry said it would impose its tariffs from 24 September, the date the US duties come into effect, but at lower rates than previously expected.