China to cut import tariffs on soybean, other products from India, Asia-Pacific nations
China will cut import tariffs on goods from India and certain Asia-Pacific countries, starting from July 1, China's Central Cabinet announced recently.
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 Central cabinet.
Imported products such as chemicals, agricultural products, medical supplies, clothing, steel and aluminium products from these countries will also enjoy certain tariff reductions.
All imported products from the above five countries will adapt a tariff rate of the Second Amendment of The Asia-Pacific Trade Agreement, the State Council said. 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.
For its part, India has been pressuring China to open up more for Indian products, specially IT and Pharmaceutical, to reduce trade deficit in over USD 84 billion trade.