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Report: China intends to cut import duties on more consumer goods

China plans to cut import duties on several consumer goods as early as July 1, Bloomberg News reported, citing people familiar with the matter.

The items will include food, medicine, health products and cosmetics, among others, one of the sources said. Reduced rates would be applicable on more products than those announced in November 2017.

China's State Council has yet to finalize and approve the cuts.

Earlier this week, China announced that it would slash import tariffs on vehicles and auto parts in a bid to further open up its market. However, the Trump administration launched a national security investigation into car and truck imports, the U.S. Commerce Department said May 23.

The U.S. recently agreed to put tariffs on China on hold as Beijing agreed to purchase more from the U.S.