China to Grant Tariff Exemptions on Additional U.S Goods

China to Grant Tariff Exemptions on Additional U.S Goods

China has said 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.

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.

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

Some U.S. officials and analysts have raised questions about China’s ability to meet the purchasing commitments specified in the Phase 1 trade deal due to the Coronavirus.

According to the Finance Ministry, Firms seeking exemptions on the additional tariffs on U.S. products can submit applications from March 2. Any exemption granted will be valid for one year.

ALSO READ---  China Slashes Rate, Injects $7 bn into Market to Counter Covid-19

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