China will raise export tariffs on certain Rare Earths in Y 2011, said a statement on the website of the Ministry of Finance (MOF) Tuesday.

From January 1, 2011, China will adjust tariff rates on certain exports and imports and the changes have been approved by the State Council, or the Cabinet.

The statement, however, did not specify what types of Rare Earth products would be included in the readjustment.

China has honored all its commitments to the World Trade Organization (WTO) by Y 2010 and will continue with the tariff rates for most-favored nations in Y 2011, the statement said.

China will levy relatively lower yearly temporary imports tariffs on about 600 resources-related products, basic raw materials and Key parts in Y 2011 to boost energy-saving and environmental protection, it said.

Included for the first time in the lower yearly temporary imports tariffs are propane, butane, fatty acid and high-definition cameras, among others.

The statement added China will honor its commitments on free trade or preferential tariffs signed with other countries or regions in Y 2011.

Following agreements, some countries will enjoy tariffs lower than that of the most-favored tariffs in Y 2011, including the Association of Southeast Asian Nations (ASEAN) countries, Chile, Pakistan, New Zealand, Peru, the Republic of Korea and India.

According to the economic cooperation framework agreement signed between the Chinese mainland and Taiwan, the mainland will levy agreed tariffs on about 500 products from Taiwan in Y 2011.—Paul A. Ebeling, Jnr. www.livetradingnews.com

Posted by Shayne Heffernan on Dec 15th, 2010and filed underLatest News.You can follow any responses to this entry through theRSS 2.0You can leave a response by filling following comment form or trackback to this entry from your site