China announces new tariff waivers for certain US imports

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FILE PHOTO: Chinese and American flags fly near the Bund, before the US trade delegation meets its Chinese counterparts for talks in Shanghai, China, July 30, 2019. REUTERS / Aly Song

BEIJING (Reuters) – China announced Tuesday a new list of 79 US products eligible for exemptions from retaliatory duties imposed at the height of the bilateral trade war, as Beijing continues to push to boost imports from the states -United.

The Chinese Ministry of Finance said in a statement that the new exemptions will take effect on May 19 and expire on May 18, 2021. The latest list waives tariffs on products, including rare earth metal ores, ores gold, silver ores and concentrates.

The ministry did not disclose the value of imports of the products. Beijing announced in February that it would grant exemptions for 696 US products, including key products such as soybeans and pork, based on requests from companies.

Last week, key trade negotiators from Beijing and Washington held a call and discussed the implementation of the phase 1 agreement signed in January. As part of the agreement, China agreed to increase its purchases of U.S. goods from 2017 compared to 2017 by $ 200 billion over two years, with purchases increasing by about $ 77 billion the first year and 123 billion the second year.

The renewed tension between the two countries, sparked by the COVID-19 pandemic that started in China late last year, also raises questions about the trade truce.

President Donald Trump has threatened to terminate the deal if China does not honor its purchase commitments.

The China Times Global Times, published by the official newspaper of the ruling Communist Party, also reported on Monday that some government advisers were urging Beijing to cancel the trade deal and negotiate a more favorable deal for China.

Report by Min Zhang, Tom Daly, Lusha Zhang, Huizhong Wu and Roxanne Liu; Writing by Se Young Lee; Editing by Muralikumar Anantharaman & Simon Cameron-Moore

Our standards:Principles of the Thomson Reuters Trust.

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