China lowers commodity tariffs on ASEAN goods

China lowers commodity tariffs on ASEAN goods

Effective as of tomorrow (July 20), goods from six member countries of Association of Southeast Asian Nations (ASEAN) will enjoy lower tariff rates in China. The new tariff rates, which will drop from an average of 9.9 percent to 8.1 percent, will apply to goods from Brunei, Indonesia, Malaysia, Myanmar, Singapore and Thailand. The tariffs are applied to approximately 7'000 products including steel products. SteelOrbis had previously reported about China's plan to reduce tariffs on 28 June 2005.