Menu
All your consumer tech gear should be cheaper come July: that's the end-date for import tariffs

All your consumer tech gear should be cheaper come July: that's the end-date for import tariffs

A new trade deal will exempt IT-related products worth $1.3 trillion annually from import tariffs

In a move meant to cut the cost of IT and consumer electronics products, the World Trade Organization is ending tariffs on imports including game consoles, TVs, GPS receivers and advanced chips from July 2016.

The tariffs -- in some countries as high as 35 percent on products such as video cameras -- will be phased out over seven years under an agreement finalized Wednesday, and applies to all 192 member countries of the WTO.

The vast majority of the savings will take effect next July, when tariffs are abolished on around 130 categories of IT equipment, accounting for 88 percent of affected imports, WTO Director-General Roberto Azevêdo said Wednesday.

By 2019, 95 percent of imports affected by the changes will be tariff-free, with all 201 product categories covered by the agreement being exempted within seven years, Azevêdo said.

Other products that will become tariff-exempt include touch screens, telecommunications satellites, tools for manufacturing printed circuits and some medical products, he said.

While cars aren't directly affected by the trade deal, components to make them safer and more fuel-efficient are, as the multicomponent integrated circuits they contain were recently reclassified as semiconductors, one of the categories exempted from tariffs, according to the European Semiconductor Industry Association.

The agreement affects around 10 percent of the world trade in information and communications technology products and will eliminate around $50 billion in tariffs annually, according to IT industry lobby group DigitalEurope. It expects a $190 billion boost to global GDP from the changes.

The deal doesn't go far enough for Digital Europe, which wants to see a similar agreement on trade in IT-related services introduced by the end of 2016.


Follow Us

Join the newsletter!

Error: Please check your email address.

Featured

Slideshows

Kiwi channel closes 2017 with After Hours

Kiwi channel closes 2017 with After Hours

The channel in New Zealand came together to celebrate the close of 2017, as the final After Hours played out in front of a bumper Auckland crowd.

Kiwi channel closes 2017 with After Hours
Meet the top performing HP partners in NZ

Meet the top performing HP partners in NZ

HP honoured leading partners across the channel at the Partner Awards 2017 in New Zealand, recognising excellence across the entire print and personal systems portfolio.

Meet the top performing HP partners in NZ
Tech industry comes together as Lexel celebrates turning 30

Tech industry comes together as Lexel celebrates turning 30

Leading figures within the technology industry across New Zealand came together to celebrate 30 years of success for Lexel Systems, at a milestone birthday occasion at St Matthews in the City.​

Tech industry comes together as Lexel celebrates turning 30
Show Comments