China Begins To Blink In The Trade War, And That’s Good For Its Citizens

by MR Magazine Staff

America’s tariffs have begun to have an impact on China’s trade policies. Last Sunday, Beijing announced that it will lower tariffs on 1,585 products. The policy will take effect on November 1, and it will bring overall tariffs level down to 7.5% from 9.8% last year. The goods covered include textile products, metals, minerals, machinery and electrical equipment, most of which have been the target of U.S. tariffs. The new tariff reduction came a few months after China cut tariffs on most imported medicines, vehicles and auto parts. “China is beginning to blink in this new war on commerce…but more for political reasons than economic ones,” says Jean-Francois Fiorina, Vice Dean,Grenoble Ecole de Management. “China’s long-term vision has been to dominate the world and their plan combines economic, political and military steps.” Read more at Forbes.