RAPID ALERT 1: China to Reduce Import Tariff Rates of Seafood from All WTO Members as of 1st June 2018Kuaibao, 1st June 2018
The State Council of China held a General Affairs Meeting on the 31st May 2018, and made a decision to reduce the import tariff rates of daily necessities including seafood from all WTO members as of the 1st June 2018.
The average tariff rates of more than 200 seafood tariff items will be reduced from 15.2% to 6.9%.
KEY POINT OF RAPID ALERT 1:
The tariff reductions will not directly impact on seafood from Australia because of the bilateral FTA between Australia and China. However, they will reduce the tariff rates of other seafood competitors, such as Norway, USA, Canada, Russia, South Africa, Japan, South Korea, and other WTO members (who have not yet reached FTAs with China).
The tariff reductions will enable seafood from those countries to become more competitive in the Chinese market, and are likely to indirectly impact Australian seafood exports to China.
RAPID ALERT 2:
China to Impose Additional 25% Tariffs on 659 US Goods Including Seafood Worth $50 Billion in Response to the US Imposition of Tariffs
Chinese Seafood Guide, 16th June 2018
On the 15th June 2018, the USA Administration announced the list of Chinese import goods worth $50 billion on which the US would impose tariffs.
In response, the Chinese Government announced on the 16thJune 2018 the imposition of an additional 25% tariffs on 659 US goods including seafood worth $50 billion from the 6th July 2018.
KEY POINT OF RAPID ALERT 2:
In the future, there may be less US Boston Lobsters and other seafood in the Chinese market.