China would be cutting import tariffs on the textile products and metals, which includes the steel products, to 8.4 per cent from 11.5 per cent. These reductions in import tariffs would be effective form the 1st of November, as informed by the finance ministry on Sunday.
Beijing has vowed to take measures to increase the imports this year in mid of the increasing tensions with some of its biggest trade alliances like the United States.
Previously in July, China cut the import tariffs on a range of consumer items which included the apparel, home appliances, fitness products and cosmetics for fulfilling the promise to further open China’s consumer market.
The import tariffs on wood, gemstones, minerals and paper products would also be reduced to 5.4 per cent from 6.6 per cent, the ministry said in its statement.
The average import tariffs on more than fifteen hundred products would be cut to 7.8 per cent from 10.5 per cent, the ministry said that cutting the tariffs is beneficial to boosting the balanced growth of foreign trade and encouraging of a higher level of interaction with the outside world.
The cabinet of China has made the announcement of its plans to reduce tariffs on the electrical equipment, machinery and textile products starting from the 1st of November, as the country gets ready for a rising trade war with the United States.
The overall tariff level would be decreased to 7.5 per cent in 2018 from 9.8 per cent in 2017 as a result, the cabinet informed.