The Chinese government has announced that it will reduce import tariffs on a number of US commodities, which also includes some types of technology. With this, the expectation is that a series of products based on these commodities may have their prices reduced.
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As TechPowerUp points out, this is a clear sign that tensions between China and the United States are being reduced. The full list of tax-reduced goods includes 859 different commodities, ranging from raw materials to a variety of polymers and plastics.
In addition, tariffs on a number of other commodities that directly affect electronics production costs have also been reduced. These include materials for manufacturing energy storage devices (such as batteries), semiconductor manufacturing equipment, and LCD and OLED display components.
Like the goods needed to create a range of technology products, the Chinese government's decision also affects commodities from other industries, such as food, industrial automation, and agriculture.
According to the publication, the items on China's updated list of import tariffs total $ 389 billion in annual trade. This represents 18% of annual imports from the Asian country. The expectation is that tax cuts will not only benefit US exports to the Chinese, but will also stimulate similar cuts by the United States.
According to the Bloomberg website, economists predict that Chinese GDP economic growth will fall to around 6% during the year 2020. In order to prevent further declines, the Chinese Ministry of Finance would have decided to cut its tariffs. import.
You can click here to check out the full list (in Mandarin) on the Chinese government website of goods that have had their import tariffs reduced.
Via: TechPowerUp Source: Bloomberg
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