According to China's Cabinet announcement via state radio
This was already touted last week from a report by Bloomberg here. But contrary to the earlier report, the tariffs cut will go into effect in November instead. Still no details on what goods will be impacted by this.
But the Chinese Cabinet says that the cuts will lower costs of consumers and companies by about ¥60 billion this year. For some context, the last round of import tariffs cut took place on 1 July and covered about 1,500 products.
Update: They mention that the MFN average tariff will be cut to 7.5% from the current 9.8%. The issue with cutting the MFN rate is that the US is also on that list. And current trade rules state that they cannot exclude the US from the group if they choose to do so. Wonder how they're going to work out those tariffs details.
They mention now that the products affected will include machinery and electrical equipments as well as textiles.
