China has announced a new cut in import tariffs but no action on U.S. complaints about its technology policy that are fueling an escalating trade battle with Washington.
The announcement Wednesday is the second cut in import taxes in less than a year in what the government says is an effort to lower costs for consumers and make the economy more competitive.
The Cabinet said import taxes on 1,585 products including construction machinery and building materials will be cut effective Nov. 1. A similar cut last November applied to food and consumer goods. Click here to read more.
Note: Canada’s overall average tariff rate is 1.6% and the rate for the U.S. is 1.7%.
- China to Cut Import Tariffs on 1,585 Taxable Items (Xinhua)
- Trump to China: ‘I Own You.’ Guess Again. (New York Times)
- China Takes a Backward Step as It Braces for the Impact of Trump’s Trade War (Business Insider)
- Xi Jinping Says Trade War Pushes China to Rely on Itself and ‘That’s Not a Bad Thing’ (SCMP)
- China Must Oppose U.S. Protectionism, Hegemony (Global Times)