Trump Winning Trade War: China Slashes Tariffs On Over 850 Imported Products

During the ongoing trade war between China and the Trump administration, China’s Ministry of Finance made an announcement this week that had the President doing some proud retweeting.

Trump Retweets Positive Trade News Coming Out of China

“China will lower import tariffs on over 850 products from January 1,” reported Reuters, and it didn’t take Trump long to share the good news.

“China says it will cut import tariffs for goods including frozen pork, pharmaceuticals, paper products and some high-tech components starting from Jan. 1, according to a statement from the Ministry of Finance,” Bloomberg Economics reported Sunday, with Trump sharing.

“U.S. president Donald Trump says a ‘breakthrough’ has been achieved in trade talks with China and he expects a deal to be signed ‘very shortly,’” reported Sky News, which Trump retweeted.

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Reuters report featured some of the biggest takeaways from China’s announcement, which comes as the U.S.-China trade war seeming to have cooled down after the two countries announced a “Phase 1 agreement that would reduce some U.S. tariffs in exchange for more Chinese purchases of American farm products and other goods.”

“Next year, China will implement temporary import tariffs, which are lower than the most-favored-nation tariffs, on more than 850 products, the finance ministry said on Monday,” Reuters noted. “That compared with 706 products that were taxed at temporary rates in 2019.”

Reuters continued, “The tariff changes were made to ‘increase imports of products facing a relative domestic shortage, or foreign specialty goods for everyday consumption,’ the ministry said in a statement on its website.”

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Bloomberg’s analysis predicts that the total value of the list of 859 product types on which China is reducing tariffs to be equivalent to about “$389 billion, or about 18% of China’s total imports of $2.14 trillion.”

“China cut import tariffs on a wide range of goods including food and parts for manufacturing smart-phones, continuing Beijing’s drive to spur domestic demand and demonstrating its desire to open its economy as it pursues a trade deal with President Donald Trump,” Bloomberg reports.

Good News for Trump and the U.S.

All of this is undoubtedly good news for President Trump, and it shouldn’t shock anyone that a businessman of his caliber would know how to improve America’s trade situation.

Will he get the proper credit for it?

Don’t bet on it.