China is said to plan broad import tax cut as soon as October

September 20, 2018 | By | Reply More

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Containers sit stacked next to gantry cranes at the Yangshan Deep Water Port in Shanghai. (Bloomberg pic)

BEIJING: China is planning to cut the average tariff rate that it charges on imports from the majority of its trading partners as soon as next month, two people familiar with the matter said.

Premier Li Keqiang said Wednesday that China would further reduce the tariffs, without elaborating.

The two people who spoke on the new reduction asked not to be named as the matter isn’t public yet.

The move comes as the nation is trying to stimulate domestic consumption to support a slowing economy, and follows similar cuts to tariffs in July on a wide range of consumer goods.

The US and China are also engaged in a tit-for-tat trade war, with both sides increasing the levies imposed on some goods imported from the other.

The Ministry of Finance didn’t immediately respond to a request for comment on the matter. China’s most-favoured nation average tariff currently stands at 9.8%.

The MFN rule requires all countries, to be treated equally unless specific exceptions are agreed. The US is also covered by MFN status.

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