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IPFS News Link • Tariffs

China To Cut Tariffs On Pork, Tech And Many Global Imports It Desperately Needs

• https://www.zerohedge.com by Tyler Durden

As Bloomberg reported,  the Ministry of Finance published a list outlining 859 products that will be subjected to lower tariffs, some of those items include food, consumer goods, and high-tech parts for electronics. 

One of the most critical items on the list is pork, which will be imported in more significant amounts come early January to lower domestic spot prices that have hyperinflated in late 2019. Increasing pork imports will also allow the government to rebuild the pork cold storage inventory that was depleted thanks to the outbreak of African swine fever that decimated the country's pig herds. 

The list also includes pharmaceutical ingredients, avocados, orange juice, and seafood, as China's middle-class, some of the wealthiest in the world, demand more expensive products. 

Bloomberg notes that 2018 imports of the listed items were about $389 billion, or about 18% of China's total imports of $2.14 trillion. And since tariffs are merely a tax on its consumers, what Beijing has just done is stimulate domestic consumption for an economy where GDP is set to hit a new sub 6% record soon.


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