China announces fresh import tariff cuts amid brewing trade war

BEIJING (Reuters) – China’s state cabinet said on Wednesday the government will cut import tariffs for products including machinery, electrical equipment and textile products beginning on Nov. 1, as the country braces for an escalating trade war with the United States.

The cuts are expected to lower costs for consumers and companies by about 60 billion yuan this year, the state cabinet said in a meeting chaired by Premier Li Keqiang, according to the state radio.

The overall tariff level will be reduced to 7.5 percent in 2018 from 9.8 percent in 2017 as a result, the state cabinet said.

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