China is planning a broad import tax cut as soon as October. This according to Bloomberg.
The report says that they look to cut average tariff rates on imports from the majority of its trading partners as soon as next month. The goal is to lower costs for consumers as a trade war with the U.S. deepens.
Of course. lowering tariffs runs counter to raising tariffs on US imports. It is not clear how they will be treated.
According to World Trade Organization rules, any reduction of tariffs usually must be offered to all countries equally. So it is a bit unsure how they maneuver around that "rule".
Of course Trump has all along wanted China to open their markets up more. Lowering tariffs on other countries while raising them on US goods, would be a way to decrease the competitiveness of US companies even more in China, while opening up their markets to non-US countries.
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