China cuts tariffs on imports from South Korea, India and other countries

Beijing. June 29. Silkroadnews - Beijing will cut tariffs on a number of goods imported from five countries amid an ongoing trade war with the United States, South China Morning Post reports.
China announced a long list of tariff cuts on goods from South Korea, India, Bangladesh, Laos and Sri Lanka to take effect on July 1.
The reduction in tariffs is a part of China’s obligations under the Asia-Pacific Trade Agreement, signed by the members of a small regional trading bloc that China joined in 2001 before joining the World Trade Organization. Six members agreed to a reduction in tariffs in 2016 after a decade of negotiations.
Beijing’s decision to bring the agreement into force next week - five days before the U.S. President Donald Trump will impose a 25% tariffs duty on imports from China for $ 34 billion - will allow the Chinese government to rally with its allies in the fight against “trade protectionism”.
Countries of the Asia-Pacific region, including China, agreed to reduce import duties on more than 10,000 items by one-third on average, the official documents say.
The Cabinet of Ministers of China decided to abolish tariffs on soybeans from India, South Korea, Bangladesh, Laos and Sri Lanka, which previously amounted to 3%, as well as a 5% tariff on soybean meal.
Cutting tariffs also applies to chemicals, agricultural products, medical supplies, clothing, steel, non-ferrous metals and liquefied petroleum gas.
Other products on the list include live eels, which will be subject to 6.7 per cent tariffs instead of 10 per cent, textile raw materials, down to 6.5 per cent from 10 per cent, and hot-rolled stainless steel plates, cut to 9.3 per cent from 10 per cent, the report reads.