Criticized over its trade-practices, China lowers tariffs on consumer goods
(Sourced from PTI)
China today announced it will lower tariffs on some consumer goods ranging from computers to furniture and bicycles as Beijing faces worldwide scrutiny over its trade practices. Beijing and Washington have slapped tariffs of over $360 billion in two-way trade in their simmering trade spat, while Europe has recently indicated it will take China to task for alleged unfair trade policies. Here's more.
China's tariff rate on imported goods like books, computers, food, furniture and medicines will drop to 13% starting tomorrow, the State Council's tariff commission announced. The goods had been taxed at a 15% rate, official news agency Xinhua reported, adding that the border-tax slapped on other imported goods like sporting-goods, fishing supplies, textiles, electronic-appliances, and bicycles will also be lowered to 20% from 25%.
Top European Union leaders will meet Chinese Premier Li Keqiang this week at a summit in Brussels, but their hopes of winning solid commitments on trade look set for disappointment. US President Donald Trump on Friday said that talks with Beijing were making progress toward ending the trade war between the world's two top economies, but he again stopped short of predicting success.
US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin engaged in trade talks with a Chinese delegation led by Vice Premier Liu He from April 3 to April 5 in Washington. The trade war between the two nations started last year.