When it comes to tariff on imported products China does not have good image in the world economy. Both rich and poor countries are all the time complaining against Chinese policy about this matter. It seems that Chinese government has decided to become generous to its Asian neighbors. Can you believe that from next month China is going to reduce tariff on 1,700 kinds of imported products. I am quoting from a report of Business Standard:
"China will cut tariffs on over 1,700 kinds of imported products, including automobiles, chemicals and textiles, from India and four other Asian nations from September 1 under the Asia-Pacific Trade Agreement.
Chinese exports to the five nations — India, South Korea, Laos, Sri Lanka and Bangladesh — will also enjoy tariff concessions, the Chinese ministry of commerce said here.
Products that will come under the new arrangement include agricultural products, medicines, chemicals, textiles, metal products, mechanical and electrical products, motor vehicles and spare parts."
I am sure that the Asian countries will welcome this news. These countries will now expect more from America and Europe. If China can do it why not Europe and US! On the other hand, US and European countries will now want that China opens its market more to products from Europe and America.
What is your idea about it?
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