China continues to cut import tariffs on consumer goods
29.06.2018 / 08:15 | Aktualizováno: 01.02.2019 / 07:30
From 1st July 2018, China will cut import tariffs on nearly 1,500 consumer products. Significant changes include import reductions on apparel, cosmetics, home appliances, jewellery and food. Tariffs reduction will have positive impact on Czech exporters of meat products or non-alcoholic beverages.
The move is reminiscent of last year’s round of tariff cuts on nearly 200 types of consumer goods, which took effect on December 1, 2017. Current list includes wider range of products and the average tariff rate will drop to 6.9 %from 15.7%. The complete list of tariff reductions can be found below.
Earlier this year China announced to cut import tariffs on vehicles to 15%from 25%. In addition, import tariffs for auto parts will be reduced to 6%from the current 10%. These changes will also come into effect from July 1, 2018. European car makers are expected to benefit from the tariffs reduction in the world’s largest auto market.
Tariff cuts will also help Czech exporters of consumer goods. For instance, tariffs on certain pork products will be reduced to 5% from 15%, however, the Czech Republic is still waiting for approval of the relevant protocol that would allow Czech exporters to enter the China’s market with pork products. Current changes will also affect Czech exporters of non-alcohol beverages, dairy products, processed food and jewellery.
Beijing continues to further open-up its market. The reduced tariffs demonstrate China's commitment to maintain the world's multilateral trade system and mitigate geopolitical tensions.
Tomáš Král, intern, Embassy of the Czech Republic in Beijing