CHINA's finance ministry said that it will cut tariffs on more than 700 imported goods starting January 1, cutting costs for Chinese consumers and fulfilling pledges to open up its economy, Bloomberg reports.
This is the third set of tariff cuts announced by Beijing this year. According to the Ministry's statement, the cuts will apply to US goods coming into China, but not those already implicated in the trade war.
Among the goods to benefit from zero tariffs will be meal grains, such as sunflower and canola that are often used for animal feed. A major feed crop, US soybeans, were levied earlier this year.
High tech manufacturing goods, including aircraft parts and welding robots to make cars, will be lowered to as low as one per cent. Some pharmaceutical industrial goods will have all tariffs wiped, the ministry said.Deloitte survey
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