Tariffs change to balance trade

China will impose extra export tariffs while slashing import duties from June 1 to narrow its trade surplus, according to a notice the State Council posted on its website.

The Ministry of Finance said additional export tariffs will be imposed on 142 energy-consuming, highly polluting and resource-intensive products.

Export tariffs will be raised by 5 to 10 percent for more than 80 steel products, including steel wires, sheets and plates, said the ministry.