China to End Tax Exemptions on 134 Taiwan Imports from June 15, 2024

May 31, 2024, 01:52 AM

China has announced it will terminate tax exemptions on certain imports from Taiwan, impacting approximately 200 products. Starting from June 15, 2024, the Chinese mainland will suspend the application of tariff rates under the Economic Cooperation Framework Agreement (ECFA) for 134 imported products from Taiwan, including lubricant oil and base oil. This decision comes in response to Taiwan's trade restrictions. The Democratic Progressive Party (DPP) authorities in Taiwan are held responsible for this suspension, according to a Ministry of Commerce spokesperson. Meanwhile, Taiwan sees its 2024 exports growing by 10.06%, up from the previous forecast of 6.14%.