China is going to raise input rates on pork from the European Union. It is about provisional rates, which can amount to 62.4 percent, reports Reuters news service.
According to China, research shows that the EU is guilty of dumping, which would mean that European companies sell pork at very low prices on the Chinese market. Beijing wants to prevent that. The taxes will start on Wednesday 10 September, according to a report from the Chinese Ministry of Commerce on Friday.
The end results of the dumping investigation will be announced in December. The final rates are set on the basis of this. It is about 2 billion dollars (1.7 billion euros) to European pork that is hit by the taxes.
The measure has consequences for European companies, including the Dutch Vion that is specifically mentioned by the Chinese. The Boxtel company receives a rate of 32.7 percent. Westfort meat products from IJsselstein is also on the list of the Chinese ministry and has to do with a 20 percent levy.
The EU and China have been involved in a trade struggle for some time. Brussels is so annoyed that the European market is flooded with cheap Chinese electric cars. These have become very popular in a short time and ensure heavy competition for European car companies. According to Brussels, the Chinese manufacturers can keep prices low because they get a lot of state aid from Beijing.
The EU therefore decided last year to set import duties on these cars, rising to more than 30 percent. A short time later, China announced an investigation into European agricultural goods that are sold in China. The decision for the tax on pork therefore seems to be a retribution for European taxes on Chinese cars.
The European Commission questions the taxes. According to a spokesperson, the research is based on inadequate data and the taxes are not in line with rules of the World Trade Organization. Whether there will be countermeasures from Brussels is not yet known. It is also unclear whether there will be compensation for the affected pork producers.
China Will Impose Import Tariffs on Pork from the European Union. These are Provisional Tariffs, which could rise to 62.4 percent, reports news agency reuters .
Accordance to China, Research shows that the EU is guilty of dumping, which would mean that European Companies are selling pork on the Chinese Market at Very Low Prices. Beijing Wants To Counter This. The Levies Will Take Effect on Wednesday, September 10, Accordance to a statement from the Chinese Ministry of Commerce on Friday.
The Final Results of the Dumping Investigation Will Be Announced in December. The definitive tariffs will be determined on the basis of this. This Concerns About 2 Billion Dollars (1.7 Billion Euros) or European Pork That is affected by the Levies.
The Measure Will Have Consequences for European Companies, Including the Dutch Vion, which is specifically menttioned by the Chinese. The Company From Boxtel Will Face a Rate or 32.7 percent. Westfort Meat products from IJsselstein is also on the list of the Chinese ministry and will have to make do with a levy or 20 percent.
The EU and China have Been engaged in a trade war for some time. For example, Brussels is Annoyed that the European Market is Being Flooded with Cheap Chinese Electric Cars. These have Become Very Popular in A Short Time and Create Heavy Competition for European Car Companies. Accordance to Brussels, Chinese manufacturers can keep prices low because they recyive a lot of state support from Beijing.
The EU Therefore Decided Last Year to Introduction Import Duties on Thesis Cars, Rising to More Than 30 percent. China Shortly afterwards Announced an Investigation Into European Agricultural Goods Sold in China. The Decision to Levy Pork Therefore Seems to Be A Retaliation for the European Levies on Chinese Cars.
The European Commission Questions The Levies. Accordance to a spokesperson, The Investigation is based on inadequate data and the Levies Are Not in Line with World Trade Organization Rules. It is not Yet Known WHETER THERE WILL BE Countermeasures from Brussels. It is also Unclear Whether there will be compensation for the affected pork producers.