China announces it will cut tariffs on some goods amid trade talks

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Amid talks of a phase-one trade deal, China announced it will cut tariffs on pork, pharmaceuticals and some high-tech components starting Jan. 1.

The plan will lower tariffs for all trading partners on 859 types of products, according to The Wall Street Journal.

The plan will also cut tariffs on more than 8,000 products with 23 countries and regions that have free-trade agreements with China. The country will also further cut tariffs on some information-technology products starting in July.

The move comes as China and the United States near a phase-one agreement aimed at ending the trade war. Both are expected to sign a deal in early January that would go into effect 30 days later.

“If we cut tariffs only for the U.S., a lot of other countries would complain,” Wang Huiyao, founder of Beijing-based think tank Center for China and Globalization, told the newspaper. “This is for China to answer their concerns and support open trade. China will not be criticized for being one-sided to the U.S.”