China to
cut import tariffs on wide range of products, 9/30/18.
BEIJING (Reuters) - China will cut import tariffs on textile
products and metals, including steel products, to 8.4 percent from 11.5
percent, effective Nov. 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 China’s consumer market.
Import
tariffs on wood and paper products, minerals and gemstones will be cut to 5.4
percent from 6.6 percent, the ministry also said in its statement.
Average
import tariffs on over fifteen hundred products will be lowered to 7.8 percent
from 10.5 percent, 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 Nov. 1, as the country braces for an
escalating trade war with the United States.
The
overall tariff level will be reduced to 7.5 percent in 2018 from 9.8 percent in
2017 as a result, the cabinet has said.
Reporting
by Kevin Yao; Editing by David Goodman and Jane Merriman
Norb Leahy, Dunwoody
GA Tea Party Leader
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