China Lowers Tariffs On Consumer Goods

China on Monday announced it will lower tariffs on some consumer goods ranging from computers to furniture and bicycles, as Beijing faces worldwide scrutiny over its trade practices.

Beijing and Washington have slapped tariffs on more than US$360 billion in two-way trade in their simmering trade spat while Europe has recently indicated it will take China to task for alleged unfair trade policies.

China's tariff rate on imported goods like books, computers, food, furniture and medicines will drop to 13 percent starting on Tuesday, the State Council's tariff commission announced. The goods had been taxed at a 15 percent rate, official news agency Xinhua reported.

The border tax slapped on other imported goods like sporting goods, fishing supplies, textiles, electronic appliances and bicycles will also be lowered to 20 percent from 25 percent, according to Xinhua.

Top EU leaders will meet Premier Li Keqiang this week at a summit in Brussels, but their hopes of winning solid commitments on trade look set for disappointment.

US President Donald Trump on Friday said talks with Beijing were making progress toward ending the trade war between the world's two top economies, but he again stopped short of predicting success.

US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin engaged in trade talks with a Chinese delegation led by Vice Premier Liu He from April 3-5 in Washington. (AFP)