China announces lower tariffs on EU dairy imports
China on Thursday announced lower duties on dairy products imported from the European Union. According to the Commerce Ministry, the tariffs will range from 7.4 percent to 11.7 percent for a period of five years, effective Friday. That's down from the 21.9 percent to 42.7 percent imposed in a preliminary decision in December. The tariffs apply to EU dairy imports worth over US$506.3 million. The reduction continues an easing of trade tensions between the two sides, following agreements in recent months on minimum prices for Chinese electric vehicles exported to the EU and reduced duties for European cognac and pork products sold to China. Thursday's announcement marked the end of an anti-subsidy subsidy probe launched by China in August 2024. (Agencies)