China plans to reduce the average tariff rate on imports from most of its trading partners as soon as October, Bloomberg reports. In July, China cut import tariffs on almost 1,500 consumer products ranging from light vehicles, cosmetics to home appliances as part of efforts to open up its economy, the world's second biggest. The move was in line with Beijing's pledge to its trading partners - including the United States - that it would take measures to further increase imports. The Bloomberg report on Thursday did not specify the countries that could enjoy lower Chinese tariffs. At the World Economic Forum in the northern port city of Tianjin, Chinese Premier Li Keqiang said on Wednesday that the government will continue to lower import tariffs on some goods. He did not elaborate. The promise to further lower import tariffs came as China and the United Stated remained locked in a bitter trade dispute that has roiled financial markets and cast uncertainty over global supply chains.
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