China Cuts Import Duties
China announced a new round of cuts to their import duties recently, which include products such as foods, pharmaceuticals, health supplements and clothing.
The finance ministry’s announcement came very close to Black Friday and Cyber Monday sales, where copious amounts of Chinese export products are sold around the world. The decision is believed to have followed pressure from other countries about trade equality and barriers.
The cuts, which will make foreign goods more competitively priced in the Chinese market, are effective this month and average around 10%.
Scott Baker – Uniserve Ocean Freight General Manager – commented “This tax reduction program will naturally lead to expanded global trade opportunities, when considering selling goods into China for domestic consumption.”
“For Uniserve and our export customers this news is well received. We have been providing dedicated ocean and air freight services into exact Chinese regions for many years, and China’s international trade should now see connected growth.”
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