China: China Announces Tariff Reductions for Asia-Pacific Trade Agreement Members
On June 19, 2018, China’s Ministry of Finance announced that as part of the Second Amendment to the Asia-Pacific Trade Agreement, China will reduce tariffs on imports of a number of products, including 415 agricultural and related products. These reductions apply to Bangladesh, India, Laos, South Korea and Sri Lanka, who are members of the Asia-Pacific Trade Agreement. The new tariffs will be effective on July 1, 2018. The agricultural and related products receiving reduced tariffs include, soybeans, rapeseed, soybean meal, numerous fish and forestry products, and horticultural products, among others. 144 of the tariff reductions are on products that the United States is facing increased tariffs on from China, as part of China’s response to the U.S. 232 and 301 Investigations. China has announced that it will enact tariffs in response to the U.S. 301 Investigation effective July 6, 2018.