Thursday, 27 December 2018 11:33

China announces tariff reductions for more than 700 foreign products

Written by Agencies

China has announced provisional tariff reductions on Monday, for more than 700 foreign products from the beginning of 2019, the official newspaper Global Times reports.

This information, quoted by the Ministry of Finance, indicates that tariffs on products such as ingredients for cattle feed, some types of medicines, lithium-ion batteries for new energy vehicles, or solid waste such as manganese slag will be canceled.

As for the reductions, the range of products benefited goes from engines for aircraft, robots, and "other advanced equipment".

The Ministry has also announced that, as of July 1, 2019, it will establish most-favored-nation clauses - for which the beneficial conditions agreed with one country extend to the rest - to almost 300 information technology products.

The information does not specify if these new rules on imports affect products from the US, a country with which China is engaged in a trade war.

The presidents of the USA, Donald Trump, and China, Xi Jinping, agreed on day 1 a truce of 90 days, period in which both parties must close a commercial agreement; otherwise, the US will continue with its plan to increase tariffs million from 10% to 25%, on chinese products valued at US $200,000 million.