China promises tariff cuts, more competition in markets

China said Monday it plans to slash tariffs as of Jan. 1 on more than 850 products including frozen pork,…

China said Monday it plans to slash tariffs as of Jan. 1 on more than 850 products including frozen pork, asthma and diabetes medications and some high-tech components to better develop its economy.

The moves announced by the Finance Ministry on Monday follow a preliminary agreement between Beijing and Washington on resolving a trade war that has rattled financial markets and added to pressures on global growth.

The step is intended to promote the coordinated development of trade and environment,” the official Xinhua News Agency said.

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