China Lowered Tariffs on Over 700 Goods

• China Lowered Tariffs on Over 700 Goods

In an effort to ease trade war between the two world’s largest economies, the U.S. and China, the Chinese government has lowered tariffs on over 700 goods, according to a statement from the Ministry of Finance.

Also, some export tariffs and temporary import tariff rates will be as low as zero for certain goods starting from January 1, the statement read.

The world’s second-largest economy continued has now lowered tariff for the third time this year as China looks to open up the economy and boost consumer spending.

U.S. export companies will benefit from the reduction as well, although that is subjected to President Trump decision following the announcement.

The US-China trade war took a new turn when Trump became the president, imposing tariffs on $200 billion worth of Chinese imports and threatening to increase if China failed to reduce its trade deficit with the world’s largest economy.