China on Monday announced it will lower tariffs on some consumer goods ranging from computers to furniture and bicycles as Beijing faces worldwide scrutiny over its trade practices.

Beijing and Washington have slapped tariffs on more than $360 billion in two-way trade in their simmering trade spat while Europe has recently indicated it will take China to task for alleged unfair trade policies.

China's tariff rate on imported goods like books, computers, food, furniture and medicines will drop to 13 percent starting Tuesday, the State Council's tariff commission announced.

The goods had been taxed at a 15 percent rate, official news agency Xinhua reported.

The border tax slapped on other imported goods like sporting goods, fishing supplies, textiles, electronic appliances and bicycles will also be lowered to 20 percent from 25 percent, according to Xinhua.

Top EU leaders will meet Chinese Premier Li Keqiang this week at a summit in Brussels, but their hopes of winning solid commitments on trade look set for disappointment.

President Donald Trump on Friday said talks with Beijing were making progress toward ending the trade war between the world's two top economies, but he again stopped short of predicting success.

US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin engaged in trade talks with a Chinese delegation led by Vice Premier Liu He from April 3-5 in Washington.

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IMF: all-out US-China trade war could lift Canada and Mexico
Washington (AFP) April 3, 2019
An all-out trade war would severely damage the US and Chinese economies but could also be a boon to countries like Canada and Mexico, the International Monetary Fund said Wednesday. The world's top two economies themselves would be the biggest losers in the event of a 25 percent hike in duties on all trade in goods, the IMF said in a report released ahead of next week's spring meetings, to be held jointly with the World Bank. Bilateral US-China trade could fall by up to 30 percent in the short-t ... read more