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China to lower tariffs on 1,585 products

China will lower import tariffs on 1,585 goods including machinery, paper, textiles and construction materials from November 1, to reduce the costs for customers and companies even as its trade war with the US deepens. The combination of these and other tariff cuts this year will lower the tax burden on consumers and companies by about 60 billion yuan ($8.7 billion). The government has yet to detail how the general tariff cut will apply to US goods affected by retaliatory tariffs in the trade war.

The average import tax for some machinery will be reduced to 8.8 percent from 12.2 per cent, for textiles and construction materials to 8.4 per cent from 11.5 percent, and for paper and some other products to 5.4 per cent from 6.6 per cent, the radio station reported. This will lower the average most-favored nation tariff rate to 7.5 per cent from 9.8 per cent. China still has a higher average tariff rate than many developed economies. The US’ average applied MFN rate was 3.4 per cent in 2017.