China intends to cut tariffs on a long list of consumer goods as early as July 1st, sources told Bloomberg, building on this week’s decision to lower car import duties.
The some 200 products included in the shortlist so far range from food and agricultural to cosmetics goods, the sources said, though the final list is yet to be finalized. China’s State Council will also have to approve any decisions before measures are taken.
Lowering tariffs on consumer goods would contribute to China’s commitment made last week to reduce their substantial trade deficit with the US. Among the top US exports being promoted are energy, cars and agricultural produce.
This would not be the first time Beijing has made such a gesture. In November last year, tariff cuts were announced on 187 categories on consumer goods after President Xi committed to boost citizens’ living standards with better quality products.