China Slashes EU Pork Tariffs Amid Trade Tensions

China has announced new tariffs on pork imports from the EU, significantly lowering them from an earlier high. This decision follows an investigation into EU trade practices, particularly in light of the EU's tariffs on Chinese electric vehicles. The move impacts major European pork exporters like Spain and the Netherlands.

China is set to implement reduced tariffs on pork imports from the European Union, with the rate going down to as low as 4.9%. This marks a sharp decrease from the preliminary tariffs of up to 62.4% that were initially imposed, according to China's Commerce Ministry.

The ministry's decision emerges after China's investigation into EU pork imports, a counter-response to the EU's provisional tariffs on Chinese-made electric vehicles. In addition to pork, China has also targeted European brandy, particularly cognac from France, although major producers have been exempted from the duties.

The EU, which has a significant trade deficit with China, exported around 7.4 billion euros worth of pork products to China at its peak in 2020. The newly finalized tariffs are poised to impact key exporters like Spain, the Netherlands, and Denmark, and will be implemented for the next five years.

(With inputs from agencies.)