China has significantly reduced planned tariffs on dairy imports from the European Union, lowering rates from as high as 42.7 percent to a final range of 7.4 to 11.7 percent, Reuters reports.
The new duties, announced by China’s Ministry of Commerce, replace the much higher preliminary tariffs imposed in December and will apply for five years from February 13.
For Danish-Swedish dairy cooperative Arla Foods, the final rate will be 9.5 percent.
The originally proposed tariffs of up to 42.7 percent had raised concerns among European producers that exports to China would become prohibitively expensive.
The final ruling reduces that burden, although EU dairy products will still face import duties.
China is the world’s third-largest dairy producer, and according to analysts the tariffs are seen as offering protection to domestic producers facing oversupply.
