China slashes import tariffs on 1585 products starting 1 November

The Chinese government on 26 September 2018 announced the plan to reduce import tariffs for 1585 products starting 1 November 2018 in an attempt to reduce the burden on local consumers. 

The overall tariff level will reduce to 7.5 percent from the existing 9.8 percent, saving consumers and companies some 60 billion yuan, according to Reuters. 

Average tariffs for machinery and electrical equipment will reduce to 8.8 percent from 12.2 percent.

Average tariffs on textile products and construction materials will drop to 8.4 percent from 11.5 percent.

Detailed list of the products that entitled for the tariff cuts is still pending to publish and at the moment it is unsure if petrochemical products would be included.