China to Slash Import Tariffs on Selected Nonferrous Scrap Items

SEATTLE (Scrap Monster): The Chinese State Council's Customs Tariff Commission declared its intention to lower tariffs on over 900 commodities by 2025. Several products, including some recycled copper and aluminum raw materials, are expected to enjoy lower import duties starting January 1, 2025, according to a news agency report. The action is consistent with the nation's larger sustainability objectives and aims to increase the importation of high-quality goods into the nation.

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As a result, 935 goods' preliminary import duties will be set lower than those of the most favored country. It should be mentioned that in 2022, China's average most favored nation tariff rate for goods was 7.57%. The country's green and low-carbon development will be aided by the proposed reduction in nonferrous scrap item levies.

The other materials whose import tariffs will be lowered include petrochemical industry items such as ethane, cycloolefin polymers and ethylene-vinyl alcohol copolymers. Also, several materials that are deemed critical for medical and technological advancements, will also see reduced tariffs.

Furthermore, on January 1, 2025, the nation's free trade agreement (FTA) with the Maldives will take effect, leading to additional tariff reductions.