Connect with us

Politics

Trump trade war and tariffs: China cuts tariffs to protect consumers

Published

on


Xi Jinping
China’s
President Xi Jinping speaks to media in front U.S. and Chinese
national flags during a joint news conference with U.S. President
Barack Obama (not pictured) at the Great Hall of the People in
Beijing.

Reuters/Jason
Lee


China on Wednesday took a major backward step in its trade war
with the USA, announcing that it will cut import tariffs on
numerous non-US goods, in a move most likely designed to protect
Chinese customers against the escalating conflict with the Trump
administration.

The cuts in tariffs are expected to save Chinese consumers and
businesses something in the order of 60 billion yuan ($8.7
billion), according to Reuters, which cites Chinese state radio.

Products affected by the cuts will include electrical equipment,
machinery, and textiles, the Chinese state cabinet said. The cuts
will come into place on November 1.

More follows …

Continue Reading
Advertisement Find your dream job

Trending