Import tariffs on seven categories of tire products have been significantly reduced.

　　On December 25, the Ministry of Finance of the People’s Republic of China released a plan to adjust provisional import and export tariff rates.

　　Effective January 1, 2019, China will apply provisional import tariff rates to 706 items.

　　The tariff rates on these goods will be reduced from the most-favored-nation rates to lower provisional rates, including seven categories of tire products.

　　According to an analysis by Tire World Network, in the past, the most‑favoured‑nation tariff rates for 24‑inch and 30‑inch‑and‑larger tires were 25% and 17%, respectively; under the newly imposed provisional tariff, both have been set at 8%.

　　Prior to the revision, the most-favored-nation tariff rate for retreaded aircraft tires was 20%, while the provisional tariff rate stood at 4%.

　　(ex states that goods subject to the provisional tariff rate shall fall within the scope of that tariff heading.)

　　In addition, the tariff rate on synthetic rubber feedstocks such as ethylene and propylene has been reduced from 2% to 1%, bringing it close to a zero tariff.

　　Since the beginning of this year, China has repeatedly reduced import tariffs on tires and related products.

　　Effective November 1, the most-favored-nation tariff rate for four categories of tire products will be reduced from 17.5% to 17%.

　　The Ministry of Finance stated that this latest package of tax cuts is designed to actively expand imports, reduce institutional costs in the import process, and support supply-side structural reform.

　　(This article is an original work of Tire World Network. Please indicate the source—Tire World Network—when reprinting.)