In July, China’s total tariff on US pork will reach 88%, so happy!
(Source: Ministry of Finance) China will reduce the import tariff rate of soybeans from India, South Korea, Bangladesh, Laos and Sri Lanka from 3% to zero from July 1.
The Customs Tariff Commission of the State Council informed on June 26 that, according to the "Regulations on Import and Export Tariffs of the People's Republic of China" and the "Second Amendment to the Asia-Pacific Trade Agreement" approved by the State Council, it is decided that from July 1, 2018, Imports of goods originating in Bangladesh, India, Laos, South Korea and Sri Lanka are subject to the agreed tariff rate of the Second Amendment to the Asia-Pacific Trade Agreement.
According to the notice of the Customs Tariff Commission of the State Council and the Asia-Pacific Trade Agreement agreement tax rate, the import tariff rate of soybeans from India, South Korea, Bangladesh, Laos and Sri Lanka will be reduced from 3% to zero on July 1. The list also includes chemicals, agricultural products, medical supplies, clothing, steel and aluminum products, which are subject to different levels of tariff cuts.
China has been increasing its efforts to boost soybean production this year, after China threatened to impose a 25% retaliatory tariff on US imports of soybeans. China is also importing soybeans from countries such as Brazil and Russia in an effort to increase the source of soybean imports.
Asian-Pacific Trade Agreement Agreement Tax Rate Table (partial)