China will lower import tariffs from January 1

China will lower tariffs on products from next year as Beijing looks to boost imports amid a slowing economy and a trade war with the United States, reported CER. Next year, China will implement temporary import tariffs, which are lower than the most-favored-nation tariffs, on more than 850 products, the finance ministry said. That compared with 706 products that were taxed at temporary rates in 2019.

 

The tariff changes were made to “increase imports of products facing a relative domestic shortage, or foreign specialty goods for everyday consumption,” the ministry said in a statement.

 

The finance ministry said the tariff rate for frozen pork will be cut to 8% from the most-favored-nation duty of 12%, as China copes to plug a huge supply gap after a severe pig disease decimated its hog herd.

 

Key: US china trade war, china tariff, trade wars

 

•