China to slash import tariffs on many consumer products by 60 percent from July 1

China’s Finance Ministry came out with a statement late-Thursday, announcing that China will cut import tariffs on nearly 1,500 consumer products ranging from cosmetics to home appliances from July 1.

Key Details (via Reuters):

“The move would be in step with Beijing’s pledge to its trade partners - including the United States - that China will take steps to increase imports, and offers a boon to global brands looking to deepen their presence in China.\

Import tariffs for apparel, footwear and headgear, kitchen supplies and fitness products will be more than halved to an average of 7.1 percent from 15.9 percent, with those on washing machines and refrigerators slashed to just 8 percent, from 20.5 percent.

Tariffs will also be cut on processed foods such as aquaculture and fishing products and mineral water, from 15.2 percent to 6.9 percent.

Cosmetics, such as skin and hair products, and some medical and health products, will also benefit from a tariff cut to 2.9 percent from 8.4 percent.

In particular, tariffs on drugs ranging from penicillin, cephalosporin to insulin will be slashed to zero from 6 percent before.

In the meantime, temporary tariff rates on 210 imported products from most favoured nations will be scrapped as they are no longer favourable compared with new rates.”