China is to grant exemptions on retaliatory duties imposed against 696 US goods, the most substantial tariff relief to be offered so far, as Beijing seeks to fulfill commitments made in its interim trade deal with the US.
Yesterday’s announcement came after the “phase one” trade deal between the two countries took effect on Friday last week and is the third round of tariff exemptions China has offered.
China has committed to boosting its purchases of goods and services from the US by US$200 billion over two years as part of the agreement, and has already rolled back some additional tariffs on US imports after the deal was signed.
US goods eligible for tariff exemptions include key agricultural and energy products such as pork, beef, soybeans, liquefied natural gas and crude oil, which were subject to extra tariffs imposed during the trade dispute. Other products are some medical devices, pharmaceuticals and metals.
However, the COVID-19 outbreak has raised concerns about China’s ability to meet the purchasing targets. Authorities nationwide have imposed major restrictions on travel and transportation to curb the spread of the virus.
Beijing’s announcement emphasized that Chinese firms would submit applications for tariff exemptions based on market conditions and commercial considerations.
“Unless the state forcefully asks firms to apply for tariff exemption and buy US soybeans, crushers would still go for Brazilian beans, based on market free will,” a trader said.
Firms can start submitting their applications on March 2, and any exemptions granted would be valid for one year.
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