After more than a year of tensions in the relaciones between United States y China, Ministry of Finance of the Asian giant announced that they will tariff cuts for more than 850 products, among other medicines for asthma and diabetes, pork, integrated circuit boards, other high-tech components, among others.
The Ministry of Finance of China reported that the reduction of tariffs will be from Monday January 1, indicated that the objective of this measure is to stimulate economic development and competition, highlighted thenewherald.com.
The move followed a business agreement what was there between Beijing and Washington after having a tariff war that has impacted the financial markets of the world.
This new measure joins a series of tariff cuts that China has made in the last two years, according to Jiwei, its purpose is improve the supply of consumer goods and encourage competition.
Notably, Chinese authorities say that should not be interpreted as concessions to US pressure.
According to the official Chinese news agency. Xinhua, "The latest move is intended to promote the coordinated development of trade and the environment."
In China, state media reported that temporary import tariffs will be lowered at lower levels than those of the most favored nations.
Beijing has adopted a series of market opening measures and tariff cuts aimed at revive economic growth, which slowed to a three-decade low of 6% in the latest quarter.
The Finance Ministry said the new tariff cuts would apply -mainly- to products that are in short supply and foreign products for daily use.
The more than 850 products to which the tariff reduction will be applied are so varied that they range from orange juice to turbine valves.
Among the new measures the Chinese government abolished a large number of tariffs located between 5% and e; 10%, while the highest tariffs up to 65% fell by half or more.
The import tax on frozen pork decreased from 12% to 8%. This provision will cooperate with food companies that have increased pork imports to replenish their inventories now that China is in trouble due to the African swine fever epidemic, which has hit pig stocks hard.
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