China planning further import tariff cuts - Bloomberg

As reported by Bloomberg, China is planning to make further sweeping cuts to import tariffs in an effort to jump-start domestic spending.

Key highlights

As the US-China trade war steepens, China is taking a step in the opposite direction of the US, dropping border tariffs on imported goods and encouraging trade with other major partners, reducing import fees on key domestic goods. China first made cuts to import levies back in July, and according to Bloomberg citing unnamed sources, the next tariff cut from China could come as soon as next month.

“This is in line with China’s longstanding strategy of opening,” said Nicholas Lardy, a China expert at the Peterson Institute for International Economics in Washington. “It has the additional advantage that it will make U.S. firms complain more loudly that Trump’s strategy is blocking their access to the China market.” - Bloomberg