Since November 1, China will reduce tariffs on various products, wrapping textiles, steel, metal, and wood products.
China’s Ministry of Finance said on Sunday that from November 1st, China will reduce import tariffs on textile products and metal products, including steel products, from 11.5% to 8.4%.
At a time when trade partnerships between China and the United States are becoming increasingly tense, the Chinese government is committed to taking measures to increase imports this year.
In early July this year, China lowered import tariffs on a range of consumer goods such as clothing, cosmetics, home appliances and fitness products to fulfill its commitment to further open up the Chinese consumer market.
The Ministry of Finance also stated in the statement that import tariffs on wood, paper products, minerals and gemstones will fall from 6.6% to 5.4%.
According to the Ministry of Commerce, the average import tariff for more than 1,500 products will fall from 10.5% to 7.8%.
The Chinese Foreign Ministry said: "Reducing tariffs is conducive to promoting balanced development of foreign trade and promoting the level of opening up."
The State Council of China announced that it will cut tariffs on machinery, electrical equipment and textile products from November 1. At present, China is preparing for an escalating trade war with the United States.
Therefore, the State Council stated that by 2018, the overall tariff level will fall from 9.8% in 2017 to 7.5%.