Business & Economy

China releases new list of US imports for additional tariff waiver

Beijing, May 12 (efe-epa).- China on Tuesday announced a new list of 70 products from the United States that would be exempt from additional tariffs imposed by Beijing during a trade war between them.

This is the second list of tariff exemptions by China after Sept. 2019, which included agricultural raw materials such as soybean and pork – China had committed to purchase more of these products from the US – and petrochemicals.

In the new list includes rare earth minerals, aircraft radar equipment, semiconductor parts, medical disinfectants, several precious metals, and chemical and other petrochemical products, among other things.

According to a statement released by the Chinese finance ministry, the rollback of additional tariffs for these products will come into effect on May 19 for one year.

The announcement comes at a time when the conflict between Beijing and Washington has aggravated due to the pandemic caused by the novel and highly infectious coronavirus.

While China seems to have brought the disease under control, the US continues to record an exceedingly high number of fresh infections and deaths related to COVID-19.

Several leaders including US President Donald Trump have held China responsible for the pandemic.

Recently, Trump threatened to break off the so-called first phase of the trade agreement between the two countries signed in January, if China did not comply with its commitments to increase imports from the US.

The US president also ruled out renegotiating the terms of the pact, which includes slashing additional tariffs on Chinese products worth $120 billion from 15 percent to 7.5 percent.

However, the pandemic and its consequent effect on the global supply chains have resulted in China still remaining far from achieving the purchase figures agreed.

Meanwhile, negotiating teams from both countries have continued discussions: on May 8, China’s Vice Premier Liu He spoke with US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin.

Although not much information about the negotiations was made public, the Chinese state media reported that the two sides agreed to create a favorable atmosphere and conditions for the implementation of the so called first phase of the trade agreement. EFE-EPA

pk-vec/sk/sc

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