China slashes tariffs on Bangladesh imports

FT ONLINE

China has announced a long list of tariff cuts from Bangladesh and some other countries amid its ongoing trade war with the United States.

The tariff cuts will take effect on July 1, five days before President Donald Trump impose 25 per cent tariffs on $34 billion worth of imports from China, according to the South China Morning Post.

The other countries to enjoy the tariff cuts are South Korea, India, Laos and Sri Lanka.

China's cabinet decided to remove tariffs on soybeans from the five countries, which were previously 3 per cent, the Post said, citing the list published by the finance ministry and customs on Tuesday.

Soybean meal, which had been subject to 5 per cent tariffs, will also be exempted.

Tariff cuts also apply to chemicals, agricultural products, medical supplies, clothing, steel, non-ferrous metals and liquefied petroleum gas - duties on LPG, for example, will be cut from 3 to 2.1 per cent, according to a bdnews24 report.

The cuts are part of China's commitments under the Asia-Pacific Trade Agreement signed by the members of a small regional trade bloc that China joined in 2001. The six members agreed to the reduced tariffs in 2016 after a decade of negotiations.