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.

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