Among the products that will benefit from these tariff reductions, the Ministry of Commerce of China has indicated different kinds of animal feed, lithium-ion batteries, as well as medicines, as well as "zero tariffs" for certain raw materials.
The Chinese Ministry has justified this tariff reduction "in order to support the construction of the 'Belt and the Silk Road' and free trade zones, accelerate economic and trade cooperation between China and the relevant countries, and create external conditions that lead to the healthy and stable long-term development of the country's economy. "
Specifically, from January 1, 2019, China will apply a provisional tariff on the import of 706 products, eliminating the rate for four types of solid waste such as manganese slag, and canceling the provisional tax rate for the import of components of lithium-ion batteries, as well as for new energy vehicles.
China will implement a "lower" provisional import tax rate for advanced equipment, including aviation engines and welding robots for automotive production lines, natural feed and natural uranium.
On the other hand, a total of 94 foreign products will be exempted from the payment of import duties from next year, including among these chemical fertilizers, iron ore, coal tar or wood pulp, said the Chinese Ministry.
Also, from July next year will introduce the fourth phase of the reduction of tariffs by 'most favored nation' (MFN) on a total of 298 products of information technology, while applying a zero tariff to all imported products originating from Hong Kong and Macao.
In addition, the Asian giant will implement new bilateral agreements or adapt existing ones for imports from New Zealand, Peru, Costa Rica, Switzerland, Iceland, Australia, South Korea and Georgia.