China’s Finance Ministry: Will adjust trade tariffs on some goods from January 1

Citing the tariff commission of China’s state council, the country’s Finance Ministry said in a statement on Thursday, China will adjust import and export tariffs on some goods from January 1.

Additional takeaways

“China has decided to further reduce the tariffs for most favoured nations on 62 types of information technology products from July 1 next year. That step will cut China’s overall tariffs to 7.3% from 7.4%.”

“Will speed and promote development and expand domestic demand.”

“Export tariffs on aluminium and aluminium alloys are to be raised.”

“The current import tariff will stay on seven types of coal until March 31 next year.”

“Will meet shoppers’ demands, import tariffs will be further lowered on coffee makers and juice extractors.”

Market reaction

AUD/USD is uninspired by the above headlines, weaker by 0.08% on the day at 0.6730, as of writing.