China Agrees To Lower Tariffs On Some Electronic and IT Goods
China’s Customs Tariff Commission of the State Council announced on Monday tariffs on some imports will be reduced starting Jan 1. Temporary tariff rates, which are set for a specified period, will be applied to 859 items. Designated items will enjoy import tariffs lower than the existing most-favored-nation rates in 2020.
Tariffs on some high-tech components, including semiconductor testing and sorting equipment and parts for automobile transmissions, will be temporarily cut to strengthen such sectors as integrated circuits, aerospace, automobile, and telecommunication production, the statement added.
China also announced last Thursday that it will exempt six US chemical products from additional tariffs for a year in a goodwill gesture after Beijing and Washington agreed to a phase one deal.
The six products, including special synthetic resin, from additional tariffs from December 26 to December 25, 2020.
The other items include white oil, a food-grade petroleum wax, and types of polyethylene and polypropylene.
Under the new agreement, tariffs on some IT products will be gradually eliminated. China had completed four cuts by July, said the Ministry of Finance.
Source: South China Morning Post and China Daily