China's import tariffs to be significantly reduced

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On May 30th, the State Council of China issued an official notice regarding new import tariffs effective from July 1st. The following products are subject to the new tariff reduction, and cosmetics and skincare products will also be reduced from 8.4% to 2.9%. Chinese people will increasingly be accelerating their consumption by purchasing overseas products that they feel more comfortable with.

Skin care, cosmetics, and some medical and health products: Reduced from 8.4% to 2.9%
Apparel and sporting goods: reduced from 15.9% to 7.1%
Home appliances: Reduced from 20.5% to 8%
Fisheries products: Reduced from 15.2% to 6.9%


Summary
It is unclear how China's tariff reductions, which are philippines whatsapp data the exact opposite of the US tariff hikes, will affect cross-border e-commerce. One
possible reason for this tax rate reduction is that China may have made it easier to import foreign goods due to the imbalance between cross-border e-commerce tariffs and import tariffs. It may
also be that the increased inflow of foreign goods will encourage Chinese manufacturers to rival overseas manufacturers, leading to an improvement in the quality of products produced by China.
We hope that this measure will prevent even more counterfeit goods from circulating in China.



*The figures and text in this blog were created with reference to the Ministry of Economy, Trade and Industry's " Establishing the infrastructure for a data-driven society in Japan in FY2017 ."