Monday, December 23, 2019

China cuts tariffs on Canadian pork

China said it is going to reduce tariffs on pork, including from Canada and the United States.

Pork is within a package of 853 goods on which China is cutting tariffs.

China said the reduced tariff rates will be lower than Most-Favoured-Nation rates.

The tariff cuts “facilitate the open economy to a new level,” China’s Ministry of Finance said in a statement that has been reported by Bloomberg news service.

China’s move comes separate from, but just before, a trade deal with the United States is due to be signed. 

Under that deal, China is going to commit to buy up to $50 million worth of agrcultural products from the U.S. 

In the U.S., the National Pork Producers Council said cutting the tariff on pork could lead to $25 billion worth of pork exports to China.