China announces the reduction of import tariffs for textile and metal products



Beijing has promised to take measures to increase imports this year – MARK RALSTON / AFP

BEIJING (Reuters) – China will lower import tariffs on textiles and clothing from 11.5 percent to 8.4 percent.
metals, including steel products, and the measure comes into force on 1 November
on Sunday the Ministry of Finance.

READ ALSO:China lowers import tariffs amidst trade war

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Beijing has promised to take measures to increase imports this year, amid rising tension with some
of its largest trading partners, such as the United States.

In early July, China lowered import tariffs for a number of consumer items, including clothing,
cosmetics, household appliances and fitness products to fulfill promises to open even more
its consumer market.

Import tariffs for wood and paper products, minerals and precious stones are reduced from 6.6% to 5.4%, the ministry said in a statement.
The average import tariffs of more than 1,500 products will be reduced to 7.8%, of 10.5%, according to the ministry.

"Reducing rates is conducive to promoting a balanced development of foreign trade and a higher level of
openness to the outside world, "said the ministry.

The Chinese cabinet has announced plans to reduce tariffs for machines, electrical equipment and textiles
from November 1, while the country is preparing for a growing trade war with the United States.
As a result, the total rate average will be reduced from 9.8% in 2017 to 7.5% in 2018, according to the
cabinet

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