As a result of concessions made by both China and the US, experts record a decline in the trade tensions between the two largest economies. China, in particular, decided to cut tariffs on a number of products imported from the US. China will reduce tariffs on frozen pork, pharmaceuticals, some high-tech materials, and other products since January 1, 2020. According to the Chinese authorities, some 859 items of commodities imported from different countries will be subjected to lower import taxes. However, new tariffs will be cut even further compared to the current duties imposed on a number of China’s trade partners. Based on the current agreement, China will also further reduce tariffs on more than 8 thousand products imported from 23 countries and regions which have free trade pacts with the country. This applies to products from Australia, South Korea, Iceland, New Zealand, and Pakistan. According to the Ministry of Finance, the Chinese authorities will be ready to repeat reduction of tariffs on various information technology products and services since July 1, 2020. Current reduction of import taxes will allow Beijing to increase the import of products from the US without breaking any international trade regulations. Looking back, China has been lowering import tariffs since 2017. According to experts, this is essential for supporting domestic consumption and transparency of the Chinese economy.
