- China to Cut Import Tariffs on Some 850 Products Starting January After Trade Deal ‘Breakthrough’
China’s finance ministry has announced that it would lower or nix import tariffs on a range of products to “optimize” the country’s trade structure and spur economic development. The new rules start coming into effect next month.
The Customs Tariff Commission of the State Council announced the changes to Beijing’s tariff policy on Monday, releasing a plan “to adjust” import tariffs on some of the commodities. The list includes over 850 products, such as frozen pork and frozen avocado, for which the import tariffs will be lowered from January 1, 2020.
The soon-to-be reduced tariffs would be lower than most-favored nation (MFN) tax rates, with the commission saying that it hopes to boost “high-quality economic development” with the move.