China to cut import tariffs on textiles as US trade war intensifies - Just Style
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China to cut import tariffs on textiles as US trade war intensifies

By Georges Corbineau 27 Sep 2018

China will reduce import tariffs on textiles to 8.4% from 11.5% previously, in a move aimed at easing cost pressure on consumers and companies as the trade war with the US intensifies.

China to cut import tariffs on textiles as US trade war intensifies

China will reduce import tariffs on textiles to 8.4% from 11.5% previously, in a move aimed at easing cost pressure on consumers and companies as the trade war with the US intensifies.

The decision was announced at a State Council meeting yesterday (26 September) as part of an import reduction programme that will see tariffs cut on 1,585 taxable items starting 1 November. 

China already cut a number of tariffs earlier this year, which amounted to an estimated total saving of around CNY60bn (US$8.7bn), according to the State Government’s website.

Yesterday’s move will put the country’s overall tariff rate at 7.5%, down from 9.8% in 2017.

China is currently engaged in a trade war with the US, which most recently approved a 10% tariff on an additional US$200bn worth of goods from China, in a move the US fashion industry says will considerably disrupt the sector’s supply chain. On 1 January 2019, the tariffs will rise to 25%.

China responded by imposing 5-10% tariffs on $60bn of US goods.