The Chinese State Council has announced adjustments to tariffs for 2023. According to the Customs Tariff Commission this year China will impose tariffs on 8,948 tax items and the overall tariff level will be reduced from 7.4% to 7.3% to spur demand and growth. Source: Tropical Timber Market Report
These adjustments include tariff waivers for key medical goods, tariff increases on certain commodities to protect domestic industries and the addition of new tax items.
Beginning 1 January 1,020 items, including anti-COVID drugs, will be subject tariff rates which are lower than the most favoured nation (MFN) tariffs.
Tariffs on some commodities will be raised to assist with the development of the domestic industry.
Starting from 1 July 2023 China will implement the eighth step of the MFN tariff rate reduction on 62 information technology (IT) products further lowering China’s overall tariff level. This will support high-quality development and ‘opening’ under the so-called ‘dual circulation strategy’.
The import tariffs on some wood products, paper and printing products will be reduced in 2023. The wood products involved include charcoal, woodwool and wood powder, laminated wood, particleboard, fibreboard, plywood, wooden wares, wooden doors and windows, cork products, bamboo and rattan products.
China issued a notice extending tariff exemptions for US imports for the ninth time recently. The Customs Tariff Commission of the State Council released the ninth tariff exclusion extension list of additional tariffs on 95 kinds of commodities subject to tariff countermeasures against the US Section 301 measures.
The ninth tariff exclusion extension list will allow China to extend tariff exemptions on the commodities listed in the attachment from 1 December 2022 until 31 May 2023.
