BEIJING -- China says it will take another step to cut tariffs on imported goods, as it seeks to combat a slowing economy amid escalating trade tensions with the U.S.

China's State Council announced broad details of the cuts late Wednesday, without saying whether they would apply to U.S. products. China has previously vowed to exclude from tariff reductions any nation engaged in a trade fight with it.

Tariffs will be reduced effective Nov. 1 on textiles, paper products, electromechanical equipment and more than 1,500 other items, according to the State Council, China's cabinet, which didn't provide a complete list. The latest list follows a tariff cut focused on consumer goods that went into effect in July.

By reducing tariffs, China is seeking to make consumer goods and construction materials more affordable -- helping spur consumer spending and business investment. The action also follows through on pledges by President Xi Jinping to make China more open to foreign products.

Import tariffs vary by product. With the latest cuts, tariffs for electromechanical equipment will be reduced to 8.8% from 12.2%, while those for textiles and construction materials will be lowered to 8.4% from 11.5%, the State Council said.

All those products are targeted in the latest trade sanctions on U.S. imports.

On Monday, Beijing levied new tariffs on $60 billion of imports from the U.S. to counter the Trump administration's latest tariff measure against $200 billion of Chinese products.

The latest tariff cut, together with the tariffs cut in July for imported consumer goods, is expected to save companies and consumers 60 billion yuan ($8.73 billion) in China this year, the State Council said. China's overall tariff level will be lowered to 7.5% from last year's 9.8%, it said.

The State Council also said it would move to cut red tape and custom fees to facilitate the country's foreign trade.

--Grace Zhu

(END) Dow Jones Newswires

September 26, 2018 09:33 ET (13:33 GMT)

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