Chinese announce plans to cut tariffs by almost 25%

BEIJING (Reuters) – China on Wednesday unveiled plans to cut tariffs for products including machinery, electrical equipment and textile products beginning on Nov. 1, as the country braces for an escalating trade war with the United States.

The overall tariff level will be reduced to 7.5 percent in 2018 from 9.8 percent in 2017 as a result, the state cabinet said.

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

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