It is no secret that the trade war between China and the United States is going to the heights, impacting not just the two countries but rather the global economy. While Trump has been putting more tariffs and issues on the road, the response from China has been mild. Now, however, it seems that China has a more extensive plan for helping its threatened economy. According to a Bloomberg report, China is planning import tariff cuts as early as October. It means that the country would reduce the import tariffs when products are being imported from trade markets.
This move is expected to help China enhance the economy, by making it more often. Now that the tariffs are going to be reduced, there will be more imports from its trade markets, although this may have a negative impact on the domestic industries. This is not the first time China is planning to cut down import tariff. Some time back, the country had reduced the tariffs for more than 1500 products, the list of which included home appliances, cosmetics and many other electronic equipment. The decision was a part of the effort to open up the economy of the country.
It should be noted that China had not excluded the United States from the benefits of import tariff cuts. In fact, the point raised by Beijing was that its economy needs more players from abroad. Although Bloomberg has reported on this incident, the source has not revealed much specifics. As of now, it’s not clear the list of countries who would be benefited from the import tariff cuts. It’s unable to know whether the United States is still in the list of the countries. At the same time, the US-China trade-war has started affecting industries in both countries as well as the common customers.