Import tariff lowered in China

Posted on 13 June 2022 Category : Import

Import tariff reduced in China

China will implement temporary import tariffs, which are lower than the most-favored-nation tariffs, on more than 850 products, including frozen pork and avocado to some types of semiconductors from January, 2020. The finance ministry said which may help ease the pressure on the country's depleted pork supply. Other products which will have lower import tariffs include food products such as fish, cheese, nuts, pharmaceuticals and a range of chemical products. That compared with 706 products that were taxed at temporary rates in 2019.

China has been hit by a severe pork shortage after African swine fever tore through the country's pig herds. More than a million pigs have been culled due to the disease, according to official statistics, and prices of the staple meat have more than doubled.

The announcement said tariffs on frozen pork will drop from 12 per cent to 8 per cent from 1^st January, 2020.

China will also lower temporary import tariffs for ferroniobium — used as an additive to high strength low alloy steel and stainless steel for oil and gas pipelines, cars and trucks — from 1% to zero in 2020 to support its high-tech development.

The country brought in 35,909 tonnes of ferroniobium in 2018 and 37,818 tonnes for the first 10 months of 2019.

The tariff rate for frozen avocado was cut to 7% from the most-favored-nation duty of 30%, the ministry said.

According to the announcement from the Tariff Commission of the State Council, the changes will optimise "the trade structure and promote the high-quality development of the economy".

Goods from countries including New Zealand, Peru, Costa Rica, Switzerland, Iceland, Australia, South Korea, and Pakistan will also be subject to even lower levies under re-negotiated bilateral trade agreements, according to the statement.

China said that a list of US chemicals that will be exempted from import tariffs, including certain types of industrial glue and adhesives, industrial polymers and types of paraffin, which can be found in cosmetics and food.

The move does not appear to be linked with the bruising US-China trade war, which has seen Washington and Beijing exchanging blows for more than a year.

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