China to grant tariff exemptions on additional US goods

February 18, 2020 15:26
China has announced another list of US items eligible for exemption from additional tariffs, after the two sides signed a Phase 1 trade deal last month. Photo: Reuters

China said on Tuesday that it will accept applications for new tariff exemptions for 696 products imported from the United States including key agricultural and energy products such as pork, beef, soybeans, liquefied natural gas and crude oil, Reuters reports.

The exemptions, the third and the most substantial set to be granted to date by China since the start of the trade dispute with the United States, come a month after the signing of a Phase 1 trade deal between Washington and Beijing, the report noted.

China has committed to boosting its purchases of goods and services from the United States by US$200 billion over two years.

Other products subject to exemption on additional tariffs imposed during the escalation of the bilateral trade dispute include denatured ethanol and some wheat, corn and sorghum.

Some medical devices and metals including copper ore and concentrates, copper scrap and aluminum scrap are also subject to exemption, the report said, citing a statement from China’s finance ministry.

The exemptions come amid a coronavirus epidemic that has seriously disrupted the world’s second-largest economy. 

Firms seeking exemptions on the additional tariffs on US products can submit applications from March 2. Any exemption granted will be valid for one year.

-- Contact us at [email protected]

RC