L'Oreal SA will reduce prices of most of its imported products in China to encourage domestic consumption, the French cosmetics giant said, after China promised to slash import tariffs on goods including skincare products. China said it will reduce import tariffs on consumer goods including skincare products, Western-style clothes and diapers from June 1, potentially giving a fillip to global brands and bolstering domestic consumption amid faltering economic growth. "We have decided to actively respond to this decision by lowering the prices of most of our imported products, as we believe it will encourage domestic consumption," L'Oreal said in a statement sent to Reuters.