China Promises to Drop Tariffs
Chinese Premier Xi Jinping has promised cut tariffs and open up China’s economy in a speech to the China International Import Expo (CIIE) in Shanghai.
During his speech, Xi said China will lower duties on goods from overseas as part of a wider effort to broaden and liberalize its market amid the US-China trade war.
He also said the country expects to import approximately USD $30 trillion worth of goods in the next 15 years, down on a previous prediction of $24 trillion.
“CIIE is a major initiative by China to pro-actively open up its market to the world,” Xi said.
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“Multilateralism and the free trade system is under attack, factors of instability and uncertainty are numerous, and risks and obstacles are increasing”.
“With the deepening development today of economic globalization, ‘the weak falling prey to the strong’ and ‘winner takes all’ are dead-end alleys.
"An inclusive growth for all is surely the right way forward. China's door will never be closed, it will only open still wider."
The trade war has been raging on since the US imposed tariffs in March 2018 for what it called “unfair trade practices.” That prompted China to impose tit-for-tat tariffs on US goods, and the escalating dispute has caused alarm among investors and global institutions.
The announcement comes as hopeful signs appear that the trade war is reaching its end. Markets across the world rose on Friday after both sides confirmed they’d held amicable talks on trade.