China Slashes EU Pork Tariffs Amid Ongoing Trade Disputes

China has reduced tariffs on EU pork imports in response to the bloc's duties on Chinese electric vehicles. New rates range from 4.9% to 19.8%, a sharp decrease from previous tariffs. The move offers partial reprieve to the European pork industry, as discussions for further negotiation continue.

China announced a significant reduction in tariffs on European Union pork imports valued at over $2 billion, a decision seen as a reaction to the bloc's duties on Chinese electric vehicles. While this move brings some relief, European pork producers remain wary as the tariffs could still impact profitability.

The revised tariffs, now set between 4.9% and 19.8% for a five-year period, represent a decrease from the earlier 15.6%-62.4% decision made in September. Importers stand to benefit from refunds on the overpaid amounts since the initial ruling, as confirmed by China's Ministry of Commerce.

This decision is a sign of ongoing negotiations between China and the EU, particularly in the wake of recent diplomatic engagements. Despite the relief, European producers are cautious, given continued challenges in the Chinese market and the broader context of trade disputes.

(With inputs from agencies.)