China to halve import tariffs on 1,500 consumer products from 1st July
China will cut import tariffs on almost 1,500 consumer products as of 1st July, it was announced late last week.
It is hoped the move will boost imports and open up China’s economy. The country has made a pledge to some of its trade partners, including the US, that it will increase its imports.
On Thursday, the finance ministry published a list of which products will be affected and their new tax rates. These range from white goods to cosmetics.
The average tariff rate on 1,449 products imported from certain nations will be reduced from 15.7% to 6.9%.
Clothing, footwear, kitchen supplies and fitness products will see import duties cut from 15.9% to 7.1%.
Washing machines and refrigerators will be cut from 20.5% to 8%, while cosmetics and certain health products are to be cut from 8.4% to 2.9%.