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China to abolish export and import duties on many goods in 2019
China to abolish export and import duties on many goods in 2019

In 2019, the Chinese authorities plan to abolish import and export duties on a number of goods. This is expected to guarantee the resumption of raw material supplies amid trade tensions with the United States and an increase in the volume of outgoing shipments.

According to the Chinese Ministry of Finance, import tariffs on alternative feed meals, which include rapeseed meal, cotton meal, sunflower meal and palm meal will be removed from January 1, 2019.

The trade conflict between Washington and Beijing has dented the global soybean market, since the imposition of American tariffs stopped importing soybeans from the United States to China. Nevertheless, despite the high duties, China has resumed the purchase of soybeans from the US.

In addition, the Ministry of Finance of China announced that tariffs on the import of materials for the production of a number of pharmaceutical products would also be reduced to zero. As for the exports, in 2019, the Chinese authorities are not going to charge duties on 94 types of goods, including fertilizers, iron ore, coal tar, and wood pulp. Tariffs on 298 products in the area of information technology are also expected to be cut from July next year.

Published: 2018-12-26 22:03:44 UTC
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