China to lower tariffs on hundreds of global products from Jan. 1
China will lower tariffs on hundreds of products from Jan. 1 next year as the country looks to boost imports and support domestic consumers, Reuters reported.
The move comes even as China and the U.S. a partial deal that will relieve some of the pressure on the Chinese economy.
China will implement temporary import tariffs, which are lower than the most-favored-nation tariffs, on more than 850 products, the finance ministry said on Monday. That compared with 706 products that were taxed at temporary rates in 2019.
The tariff changes were made to “increase imports of products facing a relative domestic shortage, or foreign specialty goods for everyday consumption,” the ministry was quoted as saying in a statement on its website.
The products range from frozen pork and avocado to some types of semiconductors.
The tariff rate for frozen avocado was cut to 7% from the most-favored-nation duty of 30%, the ministry said.
U.S. Trade Representative Robert Lighthizer said China had agreed to buy US$200 billion worth of additional U.S. goods and services over the next two years as part of the Phase 1 trade pact to be signed in early January. If the purchases are made, they would represent a huge jump in U.S. exports to China.
Beijing has said the increased purchases are in line with the growing need of the Chinese people, as the country opens its markets further to global trade.