A report in the Washington Examiner claims that China’s finance ministry plans to reduce import tariffs on steel.
The plan is to reduce steel tariffs from 11.5% to 8.4%.
However, it is likely that US tariffs against Chinese steel will rise from 10% to 25% before the year end.
US President Donald Trump believes that unfair trade policies are hurting the US economy, but his critics argue that consumers will have the cost of tariffs passed on to them.
Source: Washington Examiner