China cuts tariffs in an attempt to lower costs to consumers

Bloomberg:

China announced another round of tariff cuts, lowering import taxes on more than 700 goods from Jan. 1 as part of its efforts to open up the economy and lower costs for domestic consumers.

• There will also be cuts to some export tariffs, and temporary import tariff rates will be as low as zero for some goods, the Ministry of Finance said in a statement on Monday.
• The ‘temporary’ rates can be changed ad hoc and can be lower than the current Most-Favored Nations standard though they are also available to all World Trade Organization members.
• This is the third round of tariff cuts announced this year, as China looks to cut costs for consumers and implement President Xi Jinping’s promises to open up further.
• U.S. exports will get the benefit of the reductions as well, although most products will still be subject to the retaliatory tariffs until there is a breakthrough in the ongoing talks.

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They still have the tariff on US soybeans but have lowered it on other agricultural products.  They still seem reluctant to open their economy to fair trade.