China will lower tariffs on products ranging from frozen pork and avocado to som...
BEIJING - China will lower tariffs on products ranging from frozen pork and avocado to some types of semiconductors next year as Beijing looks to boost imports amid a slowing economy and a trade war with the United States.
The tariff changes were made to “increase imports of products facing a relative domestic shortage, or foreign specialty goods for everyday consumption,” the ministry said in a statement on its website. An outbreak of African swine fever that started in August last year has nearly halved China’s pig herd, official data showed, sending pork prices soaring to record levels.
China will also lower temporary import tariffs for ferroniobium - used as an additive to high strength low alloy steel and stainless steel for oil and gas pipelines, cars and trucks - from 1% to zero in 2020 to support its high-tech development. China’s economy is expanding at its weakest rate in nearly 30 years and could face more downward pressure next year, but the government has vowed to keep growth within a reasonable range in 2020 and keep policies forward-looking and effective.
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