On 1st January 2020, China reduced import tariffs for nearly 850 products, including many in everyday consumption.
Pork meat imports is one of the most prominent goods. The tariff rate for frozen pork will be cut from 12% to 8%, while U.S frozen pork tax will go down from 72% to 68%. This rate reduction is applicable to frozen hams, shoulders and cuts of swine, with bone-in, and other frozen pork meat.
In the last 11 months, port imports to China reached 1.733 million tons, a 58% increase compared to 2018. The top export countries are the EU, Canada and U.S.
The Chinese government will reduce the tariff for ferroniobium, the ingredients for alloy steel and stainless steel, that go into oil and gas pipelines, cars and trucks. The rate will go down from 1% to zero.
In support of high-tech development, China made a bulk purchase of 35,909 tonnes of ferroniobium in 2018. In the last 10 months of 2019, the bulk purchase has gone up to 37,818 tons.
Other notable items
Fresh avocado: tariff rate slashed from 30% to 7%
Asthma and diabetes medications: tariff rate set to 0%
Multi-component semiconductors: tariff rate cut to 0%