From Textiles to Gemstones, China to Cut Import Tariffs on Over 1,500 Products Amid Trade Tension With US
Earlier in July, China reduced import tariffs on a range of consumer items including apparel, cosmetics, home appliances, and fitness products to fulfil pledges to further open China's consumer market.
Representative image (Reuters)
Beijing: China will cut import tariffs on textile products and metals, including steel products, to 8.4 per cent from 11.5 per cent, effective from November 1, the finance ministry said on Sunday.
Beijing has pledged to take steps to increase imports this year amid rising tension with some of its biggest trade partners, such as the United States.
Earlier in July, China reduced import tariffs on a range of consumer items including apparel, cosmetics, home appliances, and fitness products to fulfil pledges to further open its consumer market. Import tariffs on wood and paper products, minerals and gemstones will be cut to 5.4 per cent from 6.6 per cent, the ministry also said in its statement.
Average import tariffs on over 1,500 products will be lowered to 7.8 per cent from 10.5 per cent, the ministry said. "Reducing tariffs is conducive to promoting the balanced development of foreign trade and promoting a higher level of opening up to the outside world," the ministry said.
China's cabinet has announced plans to cut tariffs on machinery, electrical equipment and textile products beginning on November 1, as the country braces for an escalating trade war with the United States. The overall tariff level will be reduced to 7.5 per cent in 2018 from 9.8 per cent in 2017 as a result, the cabinet has said.
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