Question: Recently which of the following country has announced duty cut on 700 foreign products?
- China on 24th December, 2018 announced that it would decrease temporary tariffs on over 700 foreign products from early 2019.
- Chinese government would further impose zero tariffs on ingredients for livestock feeds and certain medicines that also include manganese slag.
- The tariff reductions will also be enforced on aircraft engines, robots and other advanced equipments. Nearly 300 information technology products will be taxes with most-favoured-nation rates.
- The nation will also scrap export tariffs on 94 items of products starting from the new year, including fertilizers, iron ore, coal tar and wood pulp, with export tariffs currently as high as 40 per cent.
- These new tariffs will affect the products from the US, the country with which China is involved in a trade war.