Beijing — China plans to cut import tariffs on some consumer products ranging from food and cosmetics as early as July 1, Bloomberg reported on Thursday, citing unidentified sources. The tariff reductions will apply to more product lines than similar cuts on about 200 items announced in 2017, Bloomberg said, citing the sources. The move would be in step with Beijing’s pledges to its trade partners that China will take steps to increase imports. It would be a boon to global brands looking to deepen their presence in China, particularly in the hinterland cities. The precise composition of the cuts has not been finalised yet and is still subject to approval by the state council, or the cabinet. The state council and the finance ministry did not immediately respond to faxed requests for comment. Analysts said the planned tariff cut was unlikely to significantly boost domestic consumption, while its economic impact is most likely limited and hard to quantify. "Against the backdrop of the...
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