China announces plan to cut import tariffs amid brewing trade war with US

China on Wednesday unveiled plans to cut tariffs for products including machinery, electrical equipment and textile products beginning on Nov. 1, as the country braces for an escalating trade war with the United States.

The cuts on over fifteen hundred industrial products are expected to lower costs for consumers and companies by about 60 billion yuan this year, the state cabinet said in a meeting chaired by Premier Li Keqiang, according to the state radio.

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The overall tariff level will be reduced to 7.5 percent in 2018 from 9.8 percent in 2017 as a result, the state cabinet said.