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China announces cuts to U.S. tariffs

China announced in early February it would cut tariffs in half on $75 billion of U.S. imports. Beginning Feb. 14, the country plans to drop tariffs on some U.S. goods from 5% to 10%, while levies on some other items will be reduced to 2.5% from 5%. Punitive tariffs on U.S pork will be reduced by 5%, leaving the total duty at 63%.

The National Pork Producers Council continues to urge China to remove all punitive tariffs on U.S. pork to get to a level playing with international competitors that are at 8%. If all restrictions on exports to China were removed, in 10 years, U.S. pork would double sales, create 184,000 new American jobs and reduce the U.S. trade deficit with China by nearly 6%.

 

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