On December 29, 2022, the Department of Customs Affairs of the Ministry of Finance issued the Announcement of the Tariff Commission of The State Council on the 2023 Tariff Adjustment Plan. According to the Regulations of the People's Republic of China on Import and Export Tariffs and other relevant provisions, import and export tariffs of some commodities will be adjusted starting from January 1, 2023. China will continue to impose export tariffs on 106 items, including ferrochrome, and increase export tariffs on aluminum and some aluminum alloys.

On 13 December 2022, the Council of the European Union agreed with Members of the European Parliament on the establishment of the EU Carbon Border Adjustment Mechanism (CEMA) to balance the carbon price of EU products operating under the EU Emissions Trading System (ETS) with that of imported goods.

A carbon border tax would cover industries such as cement, fertiliser, aluminium and steel. The transitional period from 2023 to 2025 will be by a full carbon tariff from 2026.

Please note that 2023-2025 is a transitional period for EU CBAM, during which importers will only undertake declaration obligations and not financial obligations. During the transition period, importers are required to report quarterly the quantity of imported products, total embodied carbon emissions, total embodied indirect emissions and the carbon price paid by the imported products in the country of origin.

From 2026, importers will need to clear a corresponding number of CBAM certificates based on the implied carbon emissions of their imports.

On 13 December 2022, the Council of the European Union agreed with Members of the European Parliament on the establishment of the EU Carbon Border Adjustment Mechanism (CEMA) to balance the carbon price of EU products operating under the EU Emissions Trading System (ETS) with that of imported goods.

A carbon border tax would cover industries such as cement, fertiliser, aluminium and steel. The transitional period from 2023 to 2025 will be by a full carbon tariff from 2026.

Please note that 2023-2025 is a transitional period for EU CBAM, during which importers will only undertake declaration obligations and not financial obligations. During the transition period, importers are required to report quarterly the quantity of imported products, total embodied carbon emissions, total embodied indirect emissions and the carbon price paid by the imported products in the country of origin.

From 2026, importers will need to clear a corresponding number of CBAM certificates based on the implied carbon emissions of their imports.

Britain is to propose a carbon border tax on steel imports as part of a £600m aid package for the industry and to encourage companies to invest in greener technologies, the Financial Times reported on January 23. The introduction of a carbon border adjustment mechanism, similar to one agreed by the European Union last year, would force importers to bear the cost of carbon emissions from foreign steel, two people familiar with the matter said.

Recent statistics show that the RCEP has come into effect in 14 of the 15 members of the RCEP1.

When the RCEP goes into effect for Indonesia, China and Indonesia will implement the RCEP tariffs on each other in accordance with the commitments of the RCEP agreement. Indonesia will implement immediate zero tariffs on 65.1 percent of products originating in China, while China will implement immediate zero tariffs on 67.9 percent of products originating in Indonesia. On the basis of the China-Asean Free Trade Area, Indonesia has granted zero-tariff treatment to more than 700 additional Chinese products with tariff numbers, including some auto parts, motorcycles, televisions, clothing, shoes and plastic products. Among them, some auto parts, motorcycles, some clothing products and other products will be immediately zero-tariff from January 2, and other products will be gradually reduced to zero-tariff within a certain transition period. Under the RCEP, on the basis of the China-Asean free trade Agreement, China will further open up its market by lowering taxes on Indonesian pineapple juice and canned products, coconut juice, pepper, diesel, paper products, some chemicals and auto parts.