Lower tariffs on China’s imports of cotton and wool
A series of changes to China’s tariff regime took effect on January 1. The Customs Tariff Commission of the State Council announced reduced tariffs on a total of 935 products.
Cotton-producing countries that have most-favoured-nation (MFN) status for exports to China will now face tariffs of 1% on shipments within their allocated quotas, compared to the 6% that applied previously.
Tariffs on imports of wool have also gone down from 6% to 1%.
The Customs Tariff Commission of the State Council said the government’s aim was to reinforce cost efficiency for textile manufacturers in China.