China’s finance ministry is cutting import tariffs on nearly 1,600 products starting Nov. 1, a move intended to open up its economy and increase spending while easing trade tensions with the U.S.
China will cut import tariffs on textile products and metals, including steel products, from 11.5% to 8.4%, and tariffs on wood and paper products, minerals and gemstones will be cut from 6.6% to 5.4%, the ministry said. Tariffs on machinery and electrical equipment will also be lowered.
