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China to lower some import tariffs January 1st

China is lowering some import tariffs starting January 1st. China’s Ministry of Finance says tariffs will be lowered on 850 commodities, including frozen pork and frozen avocados, along with some medications, manufacturing goods, timber, and paper products. The Ministry says the move is to develop high-quality trade as China and the U.S. prepare to sign phase one of the trade agreement between the world’s two largest economies.

Treasury Secretary Steven Mnuchin says phase one will be signed in early January.

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