China’s finance ministry announced Sunday that it will reduce import tariffs on a variety of products, including textiles and steel.
The tariff rate for textiles and metals including steel will fall to 8.4 percent from 11.5 percent, effective Nov. 1, Reuters reports. “Reducing tariffs is conducive to promoting the balanced development of foreign trade and promoting a higher level of opening up to the outside world,” the finance ministry said.
The ministry also announced that tariffs on wood and paper, minerals, and gemstones will fall to 5.4 percent from 6.6 percent, with average tariffs across 1,500 products reaching 7.8 percent, down from 10.5 percent.
The reductions come as President Trump deploys increasingly aggressive tariffs against Chinese goods, and just six days after Trump implemented a 10 percent tariff on $200 billion of Chinese goods, following a similar action against $50 billion of goods in August.
The new tariff against Chinese imports was expected to rise from 10 percent to 25 percent at the end of the year.
In March, Trump began a global campaign to reform U.S. trade relations, introducing a 25 percent tariff on steel and 10 percent on aluminum, only briefly exempting Mexico, Canada, and the European Union.
Trump argues that the U.S. has too great of a trade imbalance with China and other countries, and that unfair policies have hurt the U.S. economy. Critics say American consumers will end up paying more when the cost of tariffs is passed on to them.
It’s not the first time China has reduced trade barriers amid Trump’s criticism. In July, China lowered tariffs on consumer goods including clothing and home appliances.
The latest Chinese government announcement comes as U.S. trade negotiators face a midnight deadline for an agreement with Canada to replace the North American Free Trade Agreement. The U.S. and Mexico announced a deal on principles for a new pact in August, starting a one-month clock before the text is due to Congress.
