China to halt tariff cuts on imports from Taiwan
15:13, 31/05/2024, Friday
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This is 1st such move after William Lai Ching-te was sworn-in as president of island nation on May 20
China Friday said it will halt tariff concessions on certain imports from Taiwan, state media reported.
It was in retaliation for the island nation's trade restrictions, China's Customs Tariff Commission said.
The new measures will be applied to 134 products from Taiwan under Economic Cooperation Framework Agreement, it added.
The agreement was signed in 2010, based on the 1992 consensus across the Taiwan Strait.
The move comes after Beijing launched large-scale military exercises around Taiwan last week after William Lai Ching-te was inaugurated as the new president of the self-governed island on May 20.
Meanwhile, Beijing has also imposed export ban on various military-related materials including equipment used to make aerospace parts and engines, gas turbines – which can be used in warships and tanks – as well as key components for bulletproof vests, daily South China Morning Post reported on Friday.
The ban will take effect from July 01.