On April 8th China announced it will lower tariffs on some consumer goods ranging from computers to furniture and bicycles, as Beijing faces worldwide scrutiny over its trade practices, according to AFP.
Beijing and Washington have slapped tariffs of more than $360 billion on two-way trade during their simmering trade spat, while Europe has recently indicated it will take China to task for alleged unfair trade policies.
The Chinese State Council's tariff commission announced that its tariff rate on imported goods like books, computers, food, furniture and medicines will drop to 13% starting on April 9th. According to the official news agency, Xinhua, the goods had previously been taxed at 15%. The border tax slapped on other imported goods such sports equipment, fishing supplies, textiles, electronic appliances and bicycles will also be lowered from 25% to 20%.
Top EU leaders will meet Chinese Premier Li Keqiang this week at a summit in Brussels but their hopes of winning solid commitments on trade look doomed to disappointment. President Donald Trump on April 5th said talks with Beijing were making progress toward ending the trade war between the world's two top economies but he again stopped short of predicting success.
US Trade Representative, Robert Lighthizer, and Treasury Secretary, Steven Mnuchin, engaged in trade talks with a Chinese delegation led by Vice Premier, Liu He, from April 3rd- 5th in Washington DC.