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12/23/2019, 2:13 AM (Source: TeleTrader)
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China to reduce some tariffs from January 1

China's Customs Tariff Commission of the State Council announced on Monday it will "adjust" import tariffs on some products, starting January 1, in order to "expand imports" and "promote high-quality development of trade."

The commission also linked the move to the development of the Belt and Road project and argued it was based on the "spirit" of the Communist Party's decisions. The Finance Ministry pointed out that more than 850 products will be tariffed less or not at all and that more products are set to be added to the list on July 1 next year.

Last week, Beijing published a list of six chemicals that will be exempted from tariffs imposed on the United States.

Breaking the News / NI