28 December, 2018

China: lower customs duties as of 1 January 2019

SUPLY CHAIN

To counter the slowdown in economic growth, China is trying to boost its trade by announcing a reduction in tariffs, effective January 1, 2019.

Caught in a trade war with the United States and facing a slowdown in economic growth, China is seeking to further open its market to boost trade. On 24 December, Beijing issued a communiqué indicating new measures applicable from 1 January 2019:

Removal of customs duties payable on imports on certain raw materials used in the manufacture of medicinal products or on thealternatives to soy meal for animal feed – including rapeseed, cotton, sunflower...
Cancellation of export duties on 94 products including chemical fertilizers or iron ore
Reduction of customs duties on importsinformation technology products, fur goods, etc.

The press release does not detail the affected nomenclatures or the new customs duty rates which will enter into force at the beginning of the year.

* As soon as it is officially published, the list of nomenclatures concerned will be available to our subscribers on request.

Source:

Source(s): https://www.capital.fr/

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