TAIPEI CITY, Taiwan, October 4, 2018 (Newswire.com) - According to a recent statement by the Chinese Finance Ministry, China will cut tariffs on a range of products. Reed Cavendish Wealth Management analysts say the tariffs on products including textiles and metals will be reduced from 11.5 percent to 8.4 percent and the cuts will come into effect on the first day of next month.
China has promised to take steps to raise its level of imports this year as trade tensions escalate between the country and some of its trading partners, including the US.
Earlier this year, Reed Cavendish Wealth Management analysts reported that China had cut import tariffs on an array of consumer goods including appliances, cosmetics, and clothing. This tariff reduction was an effort to make good on promises to widen access to China’s consumer market.
The statement by China’s finance ministry also revealed that import tariffs on paper and wood items would be reduced from 6.6 percent to 5.4 percent and that average import tariffs on more than 1500 product items will be reduced from 10.5 percent to 7.8 percent.
Analysts at Reed Cavendish Wealth Management say that the lowering of tariffs will help to bolster foreign trade by widening access to China’s consumer market and encouraging a better level of cooperation between China and its trading partners.
As the country’s trade dispute with the United States continues to escalate, China’s cabinet has announced its intention to reduce tariffs on electrical products, machinery, and textiles from the 1st of November.
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Source: Reed Cavendish Wealth Management