China will cut import tariffs on soybean and some other goods from India and four other Asian nations from July 1, China’s Cabinet announced today, amidst a looming trade war with the US.
China will reduce tariffs on soybean imported from India, South Korea, Bangladesh, Laos, and Sri Lanka from the current three per cent to zero, official media quoted the decision by State Council, China’s Cabinet.
Imported products such as chemicals, agricultural products, medical supplies, clothing, steel and aluminium products from these countries will also enjoy certain tariff reductions, the state-run China Daily website reported.
The State Council’s announcement came amidst tariff spat between world’s two largest economies, China and the US, following pressure by US President Donald Trump to cut down USD 375 billion deficit in the bilateral trade.
The US is a major supplier of soybeans to China.