China cuts tariffs on 143 Argentine agricultural and industrial products amid tense bilateral ties
- Beijing says wide-ranging reductions on items ranging from sweetcorn to plywood meant to help global and domestic markets
- Doubts about tariff policy towards Argentina had swirled after vocal China critic Javier Milei won presidency
China has unveiled wide-ranging tariff reductions and extensions on 143 Argentine agricultural and industrial products in a move that Beijing and Buenos Aires argue will bolster global commerce.
Effective immediately, the Chinese finance ministry’s decision aims to lower prices and spur end-consumer spending, according to Argentina’s ministry of economy.
The finance ministry in a statement said the decision supported the strategy of “implementing fully, accurately and comprehensively … better coordination of resources in domestic and international markets”.
Reduced tariffs have formed part of Chinese policy since 2016, targeting countries that lack a free-trade agreement with Beijing. As a rule, the policy’s implementation depends on the dynamics of China’s local market and demands.
Among the most significant adjustments is the elimination of tariffs on dry sweetcorn and coriander seeds, from 13 per cent and 15 per cent to now zero per cent, respectively.
Argentina’s dairy industry also got a boost, with reduced tariffs on infant formula and various cheeses.