January 2, 2020
On Dec. 23, 2019, China officially announced it is cutting tariffs on some imports, set to take effect Jan. 1, 2020. With the increasingly great popularity of foreign seafood products in China, some products will benefit from such a decision to the tariffs. In turn, it is expected the oriental market also will change as a result.
According to the tariff-reduction list, tariffs on frozen Atlantic salmon (03031300) has dropped from 7% to 5%, while those on tunas (03034100, 03034200, 03034400, 03034510, 03034520 and 03034600) have declined by 1%. Those on herring (03035100) and codfish (03036300) have decreased to 2%, and that on pollock (03036700) has contracted to 5%. The rock lobster (03063190) tariff has also been reduced to 5%. Some other seafood products like abalone will also have reduced tariffs, but to a different extent.
There will be further tariff reductions in imports from such countries as New Zealand, Peru, Iceland, Australia and Chile. According to the Chinese government, lower tariffs are implemented to boost the country’s imports and also improve product qualities. Such imports have greater potential in China’s powerful economy where next-generation consumers tend to eat less but better.