China Cuts Tariffs on Consumer Goods

China will reduce tariffs on a wide range of consumer goods from July 1, the State Council said in a statement. The reduction was decided at the state council on Wednesday which was chaired by Premier Li Keqiang.

The announcement came after President Donald Trump decided to move ahead with additional tariffs on $50 billion of imports from China, a move that could potentially derail the truce reached last week between the world’s two biggest economies. China hit back at that, with a foreign ministry spokeswoman saying on Wednesday that China would respond accordingly if the U.S. insisted on unilateral measures.

The average levies:

On clothing, footwear, and sports gear will be cut to 7.1 percent from 15.9 percent
On home appliances such as washing machines and refrigerators will be cut to 8 percent from 20.5 percent
On fish, seafood and mineral water will be cut to 6.9 percent from 15.2 percent
On makeup and healthcare goods will be cut to 2.9 percent from 8.4 percent

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