China to cut import tariffs on medications, pork and high-tech parts

China to cut import tariffs on medications, pork and high-tech parts
A deadly disease has wiped out about half of China's pigs. Source: Getty Images
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Daily US Times, Beijing: China to reduce tariffs on frozen pork to high-tech parts from early January next year to support the economy.

To be specific, Chinese authorities cut import tariffs from 859 products which will be active from January 1 2020.

Chinese authorities confirmed in a statement.

China has a long history of imposing high tariffs on foreign products to protect local industries. But the world’s second-largest economy has been fighting a long-run trade war with the world’s largest economy the US. It has been facing a series of domestic challenges due to this trade war.

In a statement from the ministry of finance said this move has taken ‘to increase imports of products facing a relative domestic shortage of foreign speciality goods for everyday consumption’.

China is currently facing a severe outbreak of African swine fever on its pork industry. The virus damaged a massive amount of pork as about half of the country’s pigs wiped out by it.

Beijing is struggling to cover up this huge gap of the popular meat and prices.

That’s why the country lowered tariffs on frozen pork to 8% from 12%.

Frozen avocado, some kinds of woods and paper products tariffs are also to be lowered. Some semiconductors, diabetes and certain asthma medications are on the list.

China’s decision will be benefitted countries like New Zealand, Peru, Pakistan and Singapore.

Authorities will cut the rates by implementing temporary import tariffs – which are lower than the standard rates – on its list of targeted goods. The country made a similar move last year.

This decision backs up China’s stand that it is pushing to open its economy.

Earlier this month, the US and China agreed on a preliminary deal on their trade war. China agreed to purchase American agricultural products, in exchange for this, the US agreed to cut some tariffs of Chinese goods.