China announces tariff cuts, more competition in markets

Source: AP

BEIJING (AP) — China said Monday it will reduce tariffs Jan. 1 on more than 850 foreign products including frozen pork, asthma medications and some high-tech components to spur economic development.

The announcement followed an interim trade agreement with Washington in a tariff war that has rattled financial markets.

The step adds to a series of tariff cuts over the past two years that Beijing says are aimed at improving supplies of consumer goods and encouraging competition. Chinese officials say they should not be seen as concessions to U.S. pressure.

The latest step is intended to “promote the coordinated development of trade and environment,” the official Xinhua News Agency said.



In this Tuesday, Dec. 3, 2019, photo, visitors look at the ship models exhibited by the China State Shipbuilding Corporation (CSSC) during the Marintec China exhibition in Shanghai, China. China's government promised Monday, Dec. 23, 2019, to open its oil, telecom and power markets wider to private competitors as the ruling Communist Party tries to shore up growth in the slowing, state-dominated economy. (Chinatopix via AP)


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