(Christian News Alerts) – President Trump’s tour across Asia included a productive visit to China — one that included trade deal negotiations and talks of sanctions against North Korea. Shortly after the President’s visit concluded, China issued a new announcement on trade. It’s looking good for President Trump. According
(Christian News Alerts) – President Trump’s tour across Asia included a productive visit to China — one that included trade deal negotiations and talks of sanctions against North Korea. Shortly after the President’s visit concluded, China issued a new announcement on trade. It’s looking good for President Trump.
According to ABC News, China stated on Friday that the nation issued a number of tariff cuts affecting imports, namely consumer goods — much of which come from the United States. This measure fulfills a promise made by President Trump to improve and balance the trade relationship with China.
The tariffs affect 187 products — primarily consumer goods ranging from avocados, mineral water, and even baby strollers. The effort is intended to boost their own economic growth driven by domestic consumption, and additionally reduce China’s reliance on trading and investment.
The tariff reductions include “taxes slashed to an average rate of 7.7 percent from 17.3 percent.”
China has been pressured by the US, Europe, and others to reduce tariffs that would enable improved access to the growing Chinese market. Meanwhile, Chinese leaders have struggled to find ways to boost domestic economic growth while minimizing dependency on foreign trade.
