China Cuts Tariff On Imported Consumer Goods

China's Ministry of Finance announced its plan to reduce import duties by half, on average, on imports ranging from cosmetics to fur garments by June 1, 2015. Aimed at promoting local consumption, the tariff cuts would include those on cosmetics, which will drop from 5 percent to 2 percent and diapers, from 7.5 percent to 2 percent. Data from market research firm Mintel showed 90 percent of Chinese consumers who traveled overseas in 2014 purchased personal-care products and cosmetics, 85 percent bought clothes and footwear, and 64 percent bought baby food or baby-care products.