China will grant tariff exemptions to 696 US products to support purchases

Posted by Marina

China will grant exemptions in retaliatory tariffs adopted against 696 products from the United States, the most substantial tariff relief to be offered so far, as Beijing seeks to fulfill the commitments made in its initial agreement with the United States.

Tuesday's announcement comes after Phase 1 of the trade agreement between the two countries entered into force on February 14 and marks the third round of tariff exemptions that China offers on US products.

China has pledged to expand its purchases of US products and services by $ 200 billion over two years as part of the agreement, and has already removed some additional tariffs on imports from the U.S. after the agreement was signed.

Among the products eligible for tariff exemptions are pork and beef, soybeans, liquefied natural gas and oil, which were surcharged during the intensification of the bilateral trade dispute.

However, the coronavirus epidemic that emerged at the end of last year in China raised concerns about its ability to meet purchasing targets. Authorities across the country have adopted travel and transportation restrictions to stem the spread of the virus, which has killed nearly 1,900 people and infected more than 70,000 in the country.

Source: Notícias Agrícolas