China has sharply reduced tariffs on European Union pork imports worth more than US$2 billion, reported Reuters. The move follows an anti-dumping investigation widely seen as retaliation for EU duties on Chinese electric vehicles.

The Ministry of Commerce said tariffs will range between 4.9 per cent and 19.8 per cent for five years from December 17. This is far lower than the preliminary rates of 15.6 per cent to 62.4 per cent announced in September.

Importers will be refunded the difference between the higher preliminary tariffs and the final ruling.

The decision offers partial relief to European producers reliant on the Chinese market, particularly for offal products with limited demand elsewhere.