BEIJING – China announced Monday, January 1, that it would lower tariffs on a number of goods imported from around the world. Consumers have even eased some of the pressure on the Chinese economy by a ceasefire with the United States.
The action, which takes place less than two weeks after a partial agreement between Beijing and the Trump administration to end the trade war, also helps China to substantiate its claims that it has opened up its market despite its many years of opening has opened further. ongoing conflict with the United States.
The stop-gap trade pact signed this month prevented a final round of American tariffs that would have extended taxes to almost all shoes, laptops, and toys that the United States imports from China.
However, the deal still leaves many doubts about China's economy, which has slowed as the wage dispute dragged on. With many tariffs still remaining on American products, China must continue to trade with other nations to meet popular demand for imported goods.
The list of 859 products that will be subject to lower import duties from next year appears to have been carefully selected to meet specific requirements.
Goods include frozen pork that the country needs because its herds of pigs have been hit by a deadly swine fever epidemic. The list also includes pharmaceutical ingredients that China needs as its population ages and the demand for new drugs increases, as well as high-tech components, a necessity that drives China to become a global leader in industries such as computer chips.
Taxes on food such as avocados, orange juice and seafood are also being reduced as Chinese households become more selective.
When the friction with the United States began to warm up in 2018, China was making efforts to remove barriers to trade with the rest of the world. It announced a similar tariff cut at this time last year. 706 products were affected.