China’s State Council has published a new list of consumer goods to receive tariff cuts, in a bid to stimulate domestic demand and offset losses from the dispute with Washington, the Wall Street Journal reports.
The list, covering over 1,500 items, will include textiles, paper products and electromechanical equipment. The full list has yet to be provided, but it was detailed that the reduction will take effect November 1.
For electromechanical items, tariffs will be cut from 12.2% to 8.8%, while levies for textiles and construction materials will drop to 8.4% from 11.5%, according to the State Council. In addition to a round of tariff cuts brought in in July, the latest move could save companies and consumers RMB 60 billion ($8.73 billion) in China this year, the cabinet said.