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China Lowering Tariffs on Goods from Around the World | KTIC Radio

China Lowering Tariffs on Goods from Around the World

China Lowering Tariffs on Goods from Around the World

China announced a change in tariff rates on imported goods from around the world that will start on January first. The country will lower tariffs on global imports in a move that’s designed to give domestic consumers some support, even as a trade truce with the U.S. takes some pressure off the Chinese economy.

The New York Times says the move comes less than two weeks after China and the U.S. reached a Phase One trade deal. It also helps China by showing that the country is continuing to open up its market in spite of the more than yearlong conflict with the U.S.

However, China’s economy still has some question marks to deal with as it tries to recover from a slowdown brought on by the tariff conflict. The deal with the U.S. hasn’t been signed yet and that means a lot of tariffs on American imports are still in place. China is opening its market to other countries to help satisfy consumer demand.

A list of 859 products will face lower tariffs in 2020. Among the goods are frozen pork, which China has to have after its pig herds were decimated by African Swine Fever. Tariffs will also fall on grocery items like avocados, orange juice, and seafood.

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