China Cuts Taxes on Various Import Goods

China recently announced import tariff cuts on food and consumer products such as air conditioners, medicines, blankets, waterproof footwear, refrigerators, freezers, washing machines, electric shavers, coffee makers and toasters.  Food items include:  grated/powered cheeses, macadamia nuts, infant food and whisky.  The tax reductions will be significant, averaging 56% and will impact a dozen US agricultural products; this will assist the US in regaining its market share, which was lost to competitors who have established free trade agreements with China.  But, catching up is hard to do, since American products face higher tariff levels than their global competitors!