To stimulate import potential and optimize the structure of imports, China has started implementation of the provisional import tax rates that are lower than the most-favored-nation tariff rates for over 850 commodities, up 20 percent from 2019.
The country has reduced the provisional import tax rates on daily consumer goods including frozen pork, avocados and infant formula milk to ease the domestic supply and demand pressure.
The import tariff of frozen pork has dropped from the rate of 12 percent to the provisional import tax rate of 8 percent, while that of fresh avocados has dropped from 25 to 7 percent, and that of retail formula milk from 15 to 5 percent.
To reduce medication costs and promote the production of new medicines, China has started imposing zero import tax on pharmaceutical products containing alkaloids for asthma treatment as well as raw materials for the production of new diabetes medicines.
Related posts:
China imposed tariffs on U.S. products to “balance losses”
China suspends additional tariffs on some U.S products
China to lower tariffs on hundreds of products to boost economy
Import Tariffs will cause Collateral Damage to U.S. manufacturers -Experts
China implements United Nations on North Korea
U.S. raises tariffs on Chinese products from 10% to 25%
Analysts Hail CBN’s Naira Defence As Rate for PTA, Others Is Adjusted to N360/$
BREAKING: FG directs NERC to suspend adjusted tariff
