Salmon pieces. (Photo: Stock File)

China to reduce imported seafood tariffs by about 50pct

CHINA
Saturday, June 02, 2018, 01:40 (GMT + 9)

Chinese Customs Tariff Commission of the State Council announced its decision to cut the average tariffs for about 1,500 taxable items of daily consumer goods, including aquatic products.

The reduction is part of the cut on most-favoured-nation (MFN) tariffs implemented on a total of 1,449 products, ranging from clothing, washing machines and makeup. In the case of farmed and fished aquatic products, the decline in average tariffs changes from 15.2 per cent to 6.9 per cent starting on July 1 this year.

An MFN tariff is one that World Trade Organization (WTO) member countries promise to impose on all of their trading partners who are also WTO members, unless the country is part of a preferential trade agreement.

Due to the adjustment, decided at the state council chaired by Premier Li Keqiang, MFN temporary duties for 210 taxable items of imported goods will be abolished.

The official statement explains that significantly reducing the import tariffs for daily consumer goods is conducive to expanding China’s opening-up and serves as a major measure and action of the country’s initiative to open its market.

The announcement came after US President Donald Trump decided to move ahead with additional tariffs on USD 50 billion of imports from China, a move that could potentially derail the truce reached between the world’s two biggest economies, Bloomberg reported.

According to the Wall Street Journal, these reductions may help the two nations reach a consensus at trade talks scheduled for this weekend.

A team of US officials was scheduled to arrive in Beijing on Wednesday to discuss the broad outline of those talks, but if the two sides failed to reach agreement on what would be discussed, the trip -- led by Commerce Secretary Wilbur Ross -- could be canceled.

On the other hand, the Chinese government also vowed to protect the legitimate rights of foreign investors and clamp down on infringement and counterfeit acts, and will raise the compensation cap for intellectual property infringement.

 
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