China to lower import tariffs on select products from January 1, 2020

In a statement, China’s finance ministry stated, it will lower tariffs on products ranging from avocado, and frozen pork to some type of semiconductors in 2020.

In the coming year, Beijing is scheduled to lower import tariffs, which are lower than the most-favored-nation tariffs, on over 850 products, said the finance ministry.

The U.S.-China trade war has resulted in the Chinese economy expanding at its weakest pace in nearly 30 years. It continues to face downward pressure even as the communist regime has vowed to keep growth within a reasonable range in 2020.

Tariffs on frozen pork will be cut to 8%, down from 12% while tariffs on frozen avocado will be reduced to 7%, said the Finance Ministry in a statement on its website.

China is also set to lower tariffs on select wood and paper products, while duties on multi-component semiconductors will be slashed to zero.



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