China to Cut Import Tariffs for Consumer Goods From Most Favored Nations

According to Chinese Finance Ministry, China will lower import tariffs for some consumer products from most favored nations from July 1.

The lowered tariff will apply to 1,449 items, with the average rate dropping to 6.9 percent from 15.7 percent, the finance ministry said in a statement.

Earlier, China's state council, said it would reduce import tariffs on a range of consumer goods such as cosmetics, apparel and home appliances to strength its industries to upgrade and boost competitiveness.

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Recently, China has decided to cut import tariffs on automobiles and auto parts starting on July 1, according to the Customs Tariff Commission of the State Council. 135 types of tariffs for automobiles will drop to 15 percent, from the previous level of 25 percent, while four types of tariffs of 20 percent will also be lowered to 15 percent. In addition, 79 types of tariffs for auto parts will fall to 6 percent.

In late March, the United States imposed 25-percent and 10-percent tariffs on imported steel and aluminum, respectively. According to Trump, the tariffs will be in place for a long time. The European Union and six other US allies — Argentina, Australia, Brazil, Canada, Mexico and South Korea — have been granted temporary exemptions from tariffs, which are now set to expire on June 1.