Economy

China to exempt 16 categories of U.S. products from tariffs

China to exempt 16 categories of U.S. products from tariffs”

China and the U.S. have been embroiled in a year-long commerce battle that has seen the 2 sides slap punitive tariffs on lots of of billions of in two-way commerce.

The exemption will take effect on September 17 and will be valid for a year through to September 16, 2020.

"American companies continue to do well in China, but the trade conflict now shadows many businesses", said Eric Zheng, chairman of the trade association. Face-to-face negotiations between top officials will be restarted in early October.

Chinese President Xi Jinping voiced distrust of U.S. President Donald Trump during his meeting with the Japanese Prime Minister Shinzo Abe in June amid the U.S. Moreover, major USA imports, such as soybeans and pork, are still subject to hefty additional duties, as China ramped up imports from Brazil and other supplying countries.

China has released a list of 16 types of USA imports that will be exempted from additional tariffs.

The exemptions will apply to goods including lubricants, anti-cancer drugs and animal feed ingredients whey and fish meal, Reuters reported.

These products will be exempt from additional tariffs although existing tariffs will not be subject to refunds.

The United States and China are planning to hold ministerial- level trade talks in September in Washington, but it is uncertain whether there will be any breakthrough.

So far, the U.S. has imposed tariffs on more than $360bn (£296bn) of Chinese goods, and China has retaliated with tariffs on more than $110bn of United States products.

China has imposed several rounds of duties on U.S. goods in retaliation against U.S. Section 301 tariffs, beginning past year in July and August with a 25% levy on about $50 billion of U.S. imports.

China has raised duties on about $120 billion of US products, economists estimate.

Only 16 items are exempt from extra tariffs of 25%.

China has raised duties on about $120 billion of USA imports, economists estimate.

Beijing and Washington were close to a deal last spring but USA officials said China backed away from an agreed text over a reluctance to change laws to address US complaints.

But in the statement, the commission said it was also considering further exemptions.

Trade negotiators have said they will meet in Washington in early October, raising hopes that fresh negotiations could help ease tensions between the world's two biggest economies.



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