China is cutting tariffs on 1, 600 of its products in an aim to open its economy and attaining an increase in spending while easing trade tensions with the US. The tariff cuts will be implemented from the 1 November.
According to Fortune.com, “China will cut import tariffs on textile products and metals, from 11.5% to 8.4% and tariffs on wool and paper products, minerals and gem stones will be cut from 6.6% to 5.4%”. The country is expected to also decrease electrical and machinery tariffs.
“Reducing tariffs to promoting balanced development of foreign trade and promoting a higher level of opening up to the outside world”, China’s Finance Ministry said.
China promised to retaliate on US product tariffs, the country’s finance ministry cut tariffs twice this year.