What was that about a trade war with China being bad for America?
Oh, yeah, President Trump holds the line with the dragon of the far east and guess what? The Chinese are lowering tariffs on American made goods.
China said Monday it will reduce tariffs Jan. 1 on more than 850 foreign products including frozen pork, asthma medications and some high-tech components to spur economic development….
Xinhua and other state media said the temporary import tariffs would be reduced to levels lower than most-favored-nation rates.
Beijing has adopted a string of market-opening measures and tariff cuts meant to help revive economic growth that slowed to a three-decade low of 6% in the latest quarter.
The Finance Ministry said the new tariff cuts would mainly apply to products in short supply and to foreign products for daily use.
The cuts wouldn’t be because the tariffs the Trump Administration put on Chinese goods are causing a world of hurt now, would they?
And just what else is China going to allow in?
They ranged from turbine valves and other industrial components to orange juice and other commodities. Many tariffs of 5% to 10% were eliminated while higher duties of up to 65% were cut by half or more.
The duty on frozen pork was cut from 12% to 8%. That would help food companies that have boosted pork imports to replenish supplies as China contends with an epidemic of African swine fever that has devastated its pig herds.
Reducing tariffs on some types of semiconductors would help high-tech industries that the ruling Communist Party wants to become world leaders.
Also Monday, the government promised to open its oil, telecom and power markets wider to private competitors as the Communist Party tries to shore up growth in the slowing, state-dominated economy.
It looks like the big boys of Communist China are trying to keep their country afloat.
And America wins again.