China to Lower Tariffs on Key Imports in 2024

Starting next year, China will adjust tariffs for various products, including lowering import duties on resource-based commodities and medical products. The adjusted tariffs aim to promote trade and address resource needs, impacting 935 products whose provisional rates will be lower than the WTO most-favoured-nation rates.

China unveiled plans on Monday to adjust its import tariffs on a range of products starting next year. These changes include reducing duties on resource-based commodities like recycled black powder used in lithium-ion batteries.

In addition, levies on certain medical products such as artificial blood vessels and diagnostic kits for infectious diseases will also be reduced, according to the Customs Tariff Commission of the State Council.

A total of 935 products will see their provisional import tariff rates set below the most-favoured-nation rates applied to all World Trade Organization member states, marking a significant move in international trade policies.

(With inputs from agencies.)