China to boost imports, decrease tariffs: Xi

Chinese President Xi Jinping on Tuesday announced to bring down tariffs on the goods, in order to boost imports from next year.

Addressing 2nd China International Import Expo in Shanghai, Xi said that China will implement Foreign Investment Law from January 2019, to realize further economic progress, Xinhua news reported.

"Major progress is being made in increasing imports, to boost consumption and bring down the tariff level," Xi told audience which was attended by French President and Greek Prime Minister as well.

The statement of Chinese president comes at a time, when Beijing and Washington are stuck in a war over tariffs.

The two largest trading partners are in talks to seal a new trade deal. White House is also considering rolling back additional tariffs on significant imports from China, before striking any deal.

"China will continue to improve the business environment, to make it more market-oriented, law-based and internationalized," Xi added.

The trade deficit between China and the U.S. is around $419.2 billion, as Washington imported a record $539.5 billion worth goods from Beijing last year.

U.S. President Donald Trump has accused China of robbing the U.S. of "hundreds of billions" a year in ideas.

Trump even asked American companies to stop working with Chinese companies.