China’s tariff rate on import of books, computers, food, furniture and medicines will drop to 13 per cent from 15 per cent starting April 9, the Chinese State Council’s tariff commission announced. Tariffs on other imports like sporting goods, fishing supplies, textiles, electronic appliances and bicycles will also be lowered to 20 per cent from 25 per cent. The move is reportedly perceived as part of Beijing’s response to major trading partners that are challenging its trade practices, according to a report.
President Donald Trump recently said talks with Beijing were making progress toward ending the trade war between the two nations. US trade representative Robert Lighthizer and Treasury Secretary Steven Mnuchin discussed trade issues with a Chinese delegation led by vice premier Liu He from April 3 to 5 in Washington, DC.