Not news: China cuts tariffs on more than 700 items

[Auburnfan91 1,408]

Don't expect to see or hear much about this from the mainstream media(ABC, CBS, NBC).

 

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BUSINESS NEWS

DECEMBER 23, 2018 / 9:32 PM / 3 DAYS AGO 

China to remove some import, export tariffs including alternative feed meals

BEIJING (Reuters) - China plans to remove import and export tariffs in 2019 on a range of goods, including import taxes on alternative meals used in animal feed, to secure supplies of raw materials amid trade tensions with the United States and boosting outbound cargoes.

Import tariffs on so-called alternative meals, which include rapeseed meal, cotton meal, sunflower meal and palm meal, will be removed from Jan. 1, 2019, the finance ministry said in a statement on its website on Monday.

China’s trade war with the United States has unsettled the global soy market after China virtually stopped all imports of U.S. soybeans after the imposition of additional 25 percent tariffs in July.

I wonder who's responsible for imposing those additional tariffs in July? 

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Import tariffs on materials of some pharmaceutical goods will also be cut to zero, according to the finance ministry.

To boost overall imports, China also reduced the amount of items taxed on a list of temporary import tariffs to slightly more than 700, the ministry said, from more than 900 items.

China will also maintain relatively low import tariffs for aircraft engines, at 1 percent, to help grow its indigenous plane-making industry.

For exports, China will not levy any tariffs on 94 products next year including fertilisers, iron ore, slag, coal tar and wood pulp.

China’s economic growth slowed to 6.5 percent in the third quarter, the weakest pace since the global financial crisis and is expected to slow further next year amid the trade war with the United States.

Well they explain why they're cutting tariffs but won't name a certain unknown person(maybe president) who put pressure on the Chinese.

edit, forgot link: https://www.reuters.com/article/us-china-economy-tax/china-to-remove-some-import-export-tariffs-including-alternative-feed-meals-idUSKCN1ON04Q

[HVAU 673]

2 hours ago, Auburnfan91 said:

Don't expect to see or hear much about this from the mainstream media(ABC, CBS, NBC

I don't know if it comes, but Bloomberg reported on this on Christmas Eve.  There was discussion on r/economics worth reading.