China plans to cut import tariffs on various products

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China plans to cut import tariffs on various products

China has unveiled plans to cut import tariffs for various products beginning on 1st of next month.

The Chinese state cabinet said in a meeting chaired by Premier Li Keqiang, that the cuts on over fifteen hundred industrial products are expected to lower costs for consumers and companies by about 60 billion yuan this year.

China has pledged to take steps to increase imports this year amid rising tension with its biggest trade partner the United States.