China continues tumbling down trade barriers and reduces tariffs on 1.500 products
The country moves forward in international trade and lowers tariffs on the importation of certain products, including clothing, footwear and cosmetics.
China opens its economy a bit more. The Asian country has approved new measures to boost imports of 1,500 products, among them clothing, footwear and cosmetics.
The nation, the world’s biggest industrial hub, has taken this step in tune with its commercial partners, including the United States. Both countries had experienced tensions in recent months.
Starting next month, China will lower tariffs from 15.9% to 7.1% on imports for products included in the clothing, footwear and headgear categories, according to Reuters. Cosmetics, as well as skin and haircare products, will also benefit from a reduction in tariffs, which will go from 8.4% to 2.9%.
China will lower import tariffs on clothing and footwear from 15.9% to 7.1%
This way, China has made a nod to the United States, as an American technical committee is in Beijing from May 30 to negotiate with Chinese authorities the deployment of trade and economic agreements.
On May 20, Beijing and Washington reached an agreement to put an end to the trade war between both nations and to negotiate a framework to reduce the United States trade deficit with China. Thanks to the agreement, Donald Trump’s administration suspended tariffs worth 150 billion dollars on hundreds of Chinese products.
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