China just took a major backward step in its trade war with the US

Reuters/Jason Lee

China's President Xi Jinping speaks to media in front U.S. and Chinese national flags during a joint news conference with U.S. President Barack Obama (not pictured) at the Great Hall of the People in Beijing.

China on Wednesday took a major backward step in its trade war with the USA, announcing that it will cut import tariffs on numerous non-US goods, in a move most likely designed to protect Chinese customers against the escalating conflict with the Trump administration.

The cuts in tariffs are expected to save Chinese consumers and businesses something in the order of 60 billion yuan ($8.7 billion), according to Reuters, which cites Chinese state radio.

Products affected by the cuts will include electrical equipment, machinery, and textiles, the Chinese state cabinet said. The cuts will come into place on November 1.

More follows ...