The Chinese finance ministry says it will raise the import duties on most pork products in 2022. Reuters reports that the move comes after China rapidly expanded its domestic production and has less of a need for imports in the near future. The ministry will raise its tariff for most favored nations from the current eight percent to 12 percent on January 1. China had lowered its tariffs on frozen pork during 2020 as the country faced exploding domestic pork prices in the aftermath of the African Swine Fever outbreak. As a result, imports expanded to record highs and remained there through the first half of this year, even as the hog herd gradually recovered, and prices dropped below the cost of production in the third quarter. Most U.S. pork shipments to China face a 25 percent retaliatory tariff imposed during a trade war between the two countries, in addition to the most favored nation’s tariff.
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