PETROTAHLIL-In a notice published on June 26, the Customs Tariff Commission of China’s State Council announced that they will reduce or remove import tariffs on a wide range of consumer goods from five Asian countries as of July 1.
The Commission will remove or reduce import duties on a total of 8,549 goods originating in India, South Korea, Bangladesh, Laos and Sri Lanka, in a move to restructure and diversify China’s import channels in the midst of the rising trade disputes with the US.
The list includes a long list of consumer goods, such as petrochemical, agricultural and medical products, clothing, steel, and aluminum.
The levies on ABS, PS, HDPE, LDPE, and PPBC will be cut to 6% from 6.5% while PVC will be subject to 4.2% tariffs instead of the previous 6.5%. The import tariffs on LLDPE, homo PP, and PET will remain at the rate of 6.5%, the Commission announced.
China’s move is expected to facilitate trade activities between economies in the Asia-Pacific region and better defend the multilateral trading system.