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China Marks Jan. 1 With Tariff Reduction On 850 Products

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China Marks Jan. 1 With Tariff Reduction On 850 Products

The Chinese government has announced that it will reduce import tariffs on 850 products starting Jan. 1.

China's State Council Customs Tariff Commission in Beijing approved the reductions on Dec. 23.

"The adjustments will be made to expand imports, promote the coordinated development of trade and environment, advance the high-quality development of the jointly building of the Belt and Road," the Chinese state-run Xinhua News Agency reported.

The Customs Tariff Commission said the new import tariffs will be lower than the most-favored-tariff levels currently in place for the 850 products, such as frozen pork and avocados, orange juice, specialty metals for electronics and paper and wood products. Some imports, such as the chemicals used to manufacture asthma and diabetes treatments, will have zero tariffs.

Xinhua said the tariff reductions should "moderately increase the import of daily consumer goods that are relatively scarce in the country or have foreign characteristics to better meet people's needs."

Total export value to China in $USD (blue) vs. the total export weight to China in kilograms. Source: SONAR Freight Market Dashboard.

On Dec. 19, China's Customs Tariff Commission announced the initiation of a second round of tariff exemptions on U.S. imports, following the recent phase one trade deal reached between the two countries.

However, the Chinese government said there will be no duty refunds on tariffs already paid by Chinese importers.

Image by olafpictures from Pixabay

Posted-In: China Freight FreightwavesEarnings News Global Markets General

 

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