Cancel the tax rebate for aluminum profiles

Big changes in the aluminum profiles industry! China issued an announcement: cancel the aluminum export tax rebate, as a response to the European and American tax increase

On November 15, 2024, China's Ministry of Finance and the General Administration of Taxation jointly issued an announcement deciding to abolish, effective December 1, 2024, the export tax rebate policy for aluminum, copper and chemically modified animal and vegetable oils and fats.

The policy adjustment covers 24 aluminum-related tax codes, involving aluminum sheet and strip, aluminum foil, aluminum pipe fittings and some aluminum profiles.

Once this announcement is released, what impact will it have on the world? For what reasons did China choose to take this action?