Reported 9 months ago
On June 15, 2024, Mainland China announced the suspension of 134 tariff reductions under the Economic Cooperation Framework Agreement (ECFA) with Taiwan, affecting products such as lubricating oils and base oils. Guo Zhengliang, a former legislator, expressed concerns about the impact on small and medium enterprises, stating that while larger corporations could adapt to these changes, many smaller businesses would face challenges as a result. The suspended tariff reductions apply to various industries, including petrochemicals, textiles, machinery, steel, metal, and transportation tools, with affected products now facing tariffs ranging from 1% to 12% in Mainland China.
Source: YAHOO