China to Cut Tariffs on Range of Goods Amid Push for Trade Deal

img

BEIJING—China will cut import tariffs for frozen pork, pharmaceuticals and some high-tech components starting from Jan. 1, a move that comes as Beijing and Washington are trying to complete a phase-one trade deal.

The plan, approved by China’s cabinet, will lower tariffs for all trading partners on 859 types of products to below the rates that most-favored nations enjoy, the Finance Ministry said Monday. Most-favored-nation rates are the lowest possible tariffs a country offers to its trading partners.

The lower levies will apply to frozen pork, as China aims to shore up its meat supplies amid an outbreak of swine fever, as well as semiconductor products and medicines to treat asthma and diabetes. Tariffs on some of the products will go to zero.

The plan will also cut import levies for more than 8,000 products even lower for 23 countries and regions that have free-trade agreements with China, including Australia, South Korea, Iceland, New Zealand and Pakistan, from the beginning of next year. The statement said China would further cut tariffs on some information-technology products and services from July 1, 2020.

The announcement comes as China and the U.S. are close to signing a trade deal aimed at putting an end to a tit-for-tat tariff war that has lasted nearly two years. Neither side has released a version of their draft agreement, but China said it would purchase more American products, including farm goods, while Washington said it would cancel plans for fresh round of tariffs while reducing some existing ones.

Monday’s tariffs cuts appear to pave the way for China to import more from the U.S. without violating international trading rules that ban managed trade. Chief U.S. trade negotiator Robert Lighthizer has said Beijing promised to increase imports from the U.S. by $200 billion over the next two years, including the purchase of at least $40 billion in U.S. farm goods annually. Chinese officials haven’t disclosed any numerical commitment, saying that they will buy significantly more, but the amount will be based on the country’s needs and in compliance with the World Trade Organization.

“If we cut tariffs only for the U.S., a lot of other countries would complain,” says Wang Huiyao, founder of Beijing-based think tank Center for China and Globalization, or CCG. “This is for China to answer their concerns and support open trade. China will not be criticized for being one-sided to the U.S.”

In a speech Saturday, President Trump said his administration “just achieved a breakthrough on the trade deal” with China. On Monday morning Beijing time, Mr. Trump retweeted U.S. media reports about China’s move to cut tariffs without providing any comment.

The White House didn’t immediately respond to requests for comment. The two countries are expected to sign a deal in early January, with the pact entering into force 30 days later.

China has been cutting import tariffs since 2017 to boost domestic consumption and further open up its economy. It has sped up the cuts in levies after trade fights with the U.S. intensified to encourage domestic firms to make purchases from other markets.

The list of products that are subject to lower tariffs next year also include many items that Chinese companies purchase from the U.S., such as pork, tech-related equipment and pharmaceuticals to treat cancer and other diseases.

Source: https://www.wsj.com/articles/china-to-lower-tariffs-on-some-imports-in-2020-11577066316

Strategic Partners

https://doc.g7logisticsnetworks.com/testimonial/logo__sobel.png
Sobel Network Shipping Company has had the pleasure and privilege of being a part of the G7 Network for a few years. The G7 Network has had a reputation of being very well managed by an excellent team. Membership to the G7 Network is very exclusive with a small group of companies that are well connected and trustworthy, creating lifelong friendships even beyond the scope of work. Through these connections and networking, the G7 Network has provided some very lucrative opportunities for Sobel Network Shipping. We look forward to being a part of the G7 Network family for many years to come.
https://doc.g7logisticsnetworks.com/testimonial/logo__omida_logo.jpg
G7 has great synergy between the members and the authorities are always there to help. I strongly recommend joining for anyone seeking a friendly and reliable networking environment
https://doc.g7logisticsnetworks.com/testimonial/logo__Woodland_logo.jpg
G7N continues to be an amazing network for developing business partners and key relationships globally. Being such a dynamic operation, communication remains very prompt at all hours over a wide variety of channels, creating a friendly and vibrant atmosphere between all members. The knowledge base within the G7N Team themselves remains astounding and would certainly recommend them as first port of call.
https://doc.g7logisticsnetworks.com/testimonial/logo__11098__tec-200x67.jpg
As founding member of G7N we wish to point out that we are extremely happy to be part of the group which has been growing constantly in the last few years in spite of the challenges coming from COVID 19 emergency which is causing unprecedented troubles to all of us, in our business and personal lives. G7N management succeeded in passing through this “crazy” time with lucidity in mind and with the right measures to keep members tied and constantly in touch.
https://doc.g7logisticsnetworks.com/testimonial/logo__jm_logistic.png
The concept and environment G7N team created for the conference and the Cargo Weekend is awesome, it allows you to build a friendship that is the base of strong business relationships. I hope I can keep being part of this family and meet all my new friends in the conference to come representing JM Logistics.
https://doc.g7logisticsnetworks.com/testimonial/logo__3k_logo.jpeg
Being a proactive and professionally managed network with its productive members and overnight replies to all inquiries together with providing a sense of confidence with its financial protection system, we as 3K Logistics, Turkey are very much delighted & glad to be a member of this valuable family.
https://doc.g7logisticsnetworks.com/testimonial/logo__marinair_logo.jpeg
Having recently joined the G7 Logistics Network, I must say the team behind the scenes make every effort possible in ensuring partners are well connected with each other no matter the nature of the consignment. The network does a fantastic job is ensuring that all members despite their geographical locations feel part of one family!
https://doc.g7logisticsnetworks.com/testimonial/logo__logo__Owakhe.jpeg
Thus far, Owakhe has been seeing potential in the group and we look forward for another exciting year ahead.
https://doc.g7logisticsnetworks.com/testimonial/logo__cargo_movers.png
The conference and members are awesome and the interactive atmosphere is particularly impressive! Never seen such a difference in networking and opportunities for everyone! You can feel the professionalism, experience and the energy of the network!
https://doc.g7logisticsnetworks.com/testimonial/logo__windfreight.png
Yes we really do enjoy our G7N conference. For the last 23 years that I’ve been attending network conferences this one is really special and cool. Members are so friendly you will really feel that we treat each other as family. We feel found a family with G7N.
7:53

NEW YORK

7:53

sao paulo

7:53

london

7:53

dubai

7:53

bangkok

7:53

hong kong

7:53

tokyo

7:53

sydney

Networks News

img

Marinair Freight Limited AEO Certificati...

img

Givven Logistics Projects shipments syno...

img

Global Connect food segment cargo shipme...

img

Hiyana World Logistics celebrates their ...

Are you ready for a collaboration
that will boost your business

Let’s Work Together