China Unveils Bold Trade Policies Amidst Tariff Threats

China’s commerce ministry announced policies to boost foreign trade amid potential U.S. tariffs. Measures include stronger financial support and expanded agricultural exports. The goal is to mitigate the impact of potential U.S. tariffs and bolster trade, a recent strength in China's economy.

China's commerce ministry revealed a set of policy measures on Thursday designed to invigorate the nation’s foreign trade. This involves enhancing financing support for businesses and boosting agricultural product exports, pivotal for the world's second-largest economy amid trade uncertainties.

Amid escalation fears, particularly from U.S. President-elect Donald Trump's proposed tariffs exceeding 60% on Chinese goods, manufacturers in China face the challenge of potential trade barriers. This concern has led to factory relocations to Southeast Asia, heightening the importance of these new policies.

To counteract potential economic impact, the ministry emphasized support from financial institutions to aid firms in managing currency risks and persevering through trade pressures. The initiative also aims at expanding core equipment and energy product imports and creating a conducive export environment, as approved last month by China’s cabinet.

(With inputs from agencies.)