Amid Trump’s Trade War with China, Beijing Slashes Tariffs on Imports

September 19, 2018 11:23 pm0 commentsViews: 74

One more cut is on card. China may soon reduce average tariff rate on imports from most of its partners. The earlier slash down was in July when about 1,500 consumer products became cheaper.

The new move is in line with the pledge of Beijing which revealed China would open up its economy and impose less tariff on products coming from its trading partners including United States.

In the July tariffs the world’s second biggest economy touched products ranging from cosmetics to home appliances. It is not yet revealed which products would be listed in the new tariffs.

Chinese Premier Li Keqiang said Wednesday China will continue lowering its import tariffs on several products. However, the list was not elaborated.

Meanwhile, United States and China have been locked into bitter trade disputes. The Trump administration has increased import tariffs on several products coming from China, making the goods expensive.

Trump rationalizes the move citing more jobs would be created and domestic economy would improve.

The Chinese cities and provinces have been hit by the Trump tariffs plan. Those places are most affected which depended on US order books mainly.

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