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  • China on Monday morning announced that it would cut import taxes on a range of products starting January 1, 2020.
  • The move does not appear to be directly related to ongoing trade war talks with the US.
  • The goods will include frozen pork, pharmaceuticals, paper products and some tech components, Blomberg said, citing a statement from the Ministry of Finance.
  • Visit Business Insider's homepage for more stories.

China on Monday morning announced that it would cut import taxes on a range of products starting January 1, 2020.

According to state news agency Xinhua, China's Customs Tariff Commission of the State Council said the move is aimed at promoting a "high-quality development of trade."

"The adjustments will be made to expand imports, promote the coordinated development of trade and environment, advance the high-quality development of the jointly building of the Belt and Road," Xinhua said, citing the commission.

The goods will include frozen pork, pharmaceuticals, paper products and some tech components, Bloomberg said, citing a statement from the Ministry of Finance.

Products from Australia, New Zealand, South Korea, Singapore, Switzerland, and others will receive lower levies under new free-trade agreements, Bloomberg added.

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