Reported 7 months ago
In an announcement from mainland China on June 13, 2024, starting from June 15, mainland China will cease to apply the ECFA agreement tariff rates to 134 imported products from Taiwan, including lubricating oil base oil. The cancellation of ECFA's early tariff preference will result in tariffs ranging from 1% to 12% for these products. While some industries find the ECFA impact controllable, they express that international freight costs, increased tariffs, currency devaluation, competition from Japan and South Korea, and the imposition of carbon fees have a bigger impact. Suggestions include actively negotiating FTAs and guidance from the Ministry of Economic Affairs towards developing high value-added and differentiated industries.
Source: YAHOO