China will open up for business by cutting import and export cost for foreign firms, its premier said as trade talks with the US stalled ahead of fresh tariffs.
Further tariffs on USD 200 billion (USD 153 million) worth of Chinese products will be imposed by the US on Monday and talks between the two nations set for next week have been cancelled.
In an effort to show China is open for business across the world, the Chinese premier Li Keqiang said the country will cut the amount of paperwork needed to import and exports, lower custom fees and reduce the time taken for customs clearance.
He said: “We must strive to improve the business environment and reduce costs for foreign enterprises, and so push forward the opening up process and maintain stable growth of imports and exports.”
The 25 percent tariffs on USD 200 billion worth of products will be on top of the USD 50 billion goods hit with duties earlier this year.
At the same time as Washington’s fresh tariffs, China will also impose duties on USD 110 billion worth of US goods in retaliation.
Donald Trump has also threatened tariffs on another USD 267 billion worth of Chinese products.
Asian manufacturers have continued efforts to move some production away from China following the ever-increasing threat of further tariffs.
Companies such Mitsubishi Electric, Toshiba Machine and Komatsu have pressed ahead with production shifts first instigated in July when Trump’s first set of tariffs hit China.
Taiwanese computer-maker Compal Electronics and South Korea’s LG Electronics are understood to have drawn up contingency plans against a further escalation of the trade war.―CityAM