China plans to reduce average tariffs on import from most of its major trading partners, Bloomberg reports. This step will allow lowering costs to consumers amid escalating trade war with the US.

By reducing tariffs on goods, China will be able to reach its long-term goals on raising import and stimulating domestic consumption to support slowing economy of the country.

Besides, Beijing sends the message that it is ready to open its economy and continue reforms despite of the result of trade conflict.

Average tariff today is 9,8%, while for many developed countries it is significantly lower.