After a phase one trade deal with the US, China said on Monday that it would slash import tariffs on a wide range of goods from around the world to boost domestic consumption.
Increasing pork imports will also allow the government to rebuild the pork cold storage inventory that was depleted thanks to the outbreak of African swine fever that decimated the country's pig herds.
Bloomberg notes that 2018 imports of the listed items were about $389 billion, or about 18% of China's total imports of $2.14 trillion.
Translation: China cutting tariffs on stuff it desperately needs, will try to spin it as concession toward US https://t.
"The move in lowering import tariffs reflects that the government wants to reaffirm its stance to the world on freer trade amid the trade war," said Gary Ng, an economist at Natixis in Hong Kong.
"Domestically, lowering import tariffs are helpful in reducing business and consumer costs."
While China will try to use the tariff reduction as ammo to push the US for tariff cuts of its own, there's little evidence that Chinese importers will source the new imports from the US..
https://www.zerohedge.com/markets/china-cut-tariffs-pork-tech-and-many-global-imports
Increasing pork imports will also allow the government to rebuild the pork cold storage inventory that was depleted thanks to the outbreak of African swine fever that decimated the country's pig herds.
Bloomberg notes that 2018 imports of the listed items were about $389 billion, or about 18% of China's total imports of $2.14 trillion.
Translation: China cutting tariffs on stuff it desperately needs, will try to spin it as concession toward US https://t.
"The move in lowering import tariffs reflects that the government wants to reaffirm its stance to the world on freer trade amid the trade war," said Gary Ng, an economist at Natixis in Hong Kong.
"Domestically, lowering import tariffs are helpful in reducing business and consumer costs."
While China will try to use the tariff reduction as ammo to push the US for tariff cuts of its own, there's little evidence that Chinese importers will source the new imports from the US..
https://www.zerohedge.com/markets/china-cut-tariffs-pork-tech-and-many-global-imports
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