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China to reduce import tariffs on more than 850 products

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China to reduce import tariffs on more than 850 products

According to Finance Ministry, the Asian economic giant, China will lower import tariffs on over 850 products from January 1.

The said products range from frozen pork and avocado to some types of semiconductors next year as Beijing looks to enhance the imports despite a slowing economy and an ongoing trade war with the United States.

The implementation of temporary import tariffs will be applicable to on more than 850 products compared to 706 products that were taxed at temporary rates in 2019, according to CNBC.

According to the ministry, which stated via a statement on its website, the tariff changes were made to “increase imports of products facing a relative domestic shortage, or foreign specialty goods for everyday consumption.”

The trade war between China and the United States dialed down earlier this month with the announcement of a Phase 1 agreement which would reduce some U.S. tariffs in exchange for more Chinese purchases of American farm products and other goods.

The finance ministry stated that the tariff rate for frozen pork will be reduced to 8% from the most-favored-nation duty of 12%, as China is trying to tackle a huge supply gap following a severe pig disease that heavily affected their hog herd.

(Reference: CNBC)
(Image source: Johannes Eisele | AFP | Getty Images)