Major Taiwanese news network Liberty Times Network (LTN) recently reported that Russia has announced it will raise tariffs on Chinese furniture hardware accessories from zero to 55 percent. According to a document issued by the Russian Association of Furniture and Wood Processing Enterprises (AMDPR), Russian Customs’ tariff increase decision will lead to major changes in the Russian furniture accessories market. At the same time, tariffs on similar accessories from Europe will only be raised to 10 percent.
The General Manager of a large Russian supplier of furniture accessories pointed out that it is puzzling that Chinese suppliers, who are regarded as friendly partners, have stricter conditions than European manufacturers. He believes that this move is actually a suppression of Chinese manufacturers, but it ultimately affects the entire Russian furniture industry. This sudden increase in tariffs will not only increase the prices of Russian furniture-related products by more than 15 percent, but also may impose retro-payment of taxes on imported Chinese products starting in 2021, which will severely damage related industries.
Some Chinese analysts expressed the belief that this move is mainly to increase fiscal revenue, as Russia has been short on cash since the imposition of sanctions related to the Russo-Ukrainian War. Around 41 percent of Russia’s fiscal budget in 2025 will be used for war.
Source: LTN, December 2, 2024
https://ec.ltn.com.tw/article/breakingnews/4881209