China Releases List of U.S. Goods That Could Be Exempted From Higher Tariffs
Date: Wednesday, February 19, 2020
Source: The Wall Street Journal
The move comes after Beijing halved tariffs earlier this month on $75 billion of U.S. imports
BEIJING—China’s State Council on Tuesday released a list of U.S. products that could be temporarily exempted from punitive tariffs imposed during the trade fight with the U.S.
The move comes after Beijing halved tariffs earlier this month on $75 billion of U.S. imports, part of the country’s efforts to implement the limited trade deal signed with Washington in January.
Companies in China could apply for the tariff exemptions with the Ministry of Finance from March 2, which will last for a year following official approval, according to a statement on the ministry’s website.
The list of U.S. products includes nearly 700 items, ranging from beef, pork, soybeans, crude oil and medical equipment that are needed to contain the spread of coronavirus in China.
Companies are required to provide the value of the planned U.S. imports, and the exemption will only apply to the approved value, the statement said. Chinese authorities will review the applications within three working days after they are submitted.
The statement said the tariff exemption is aimed at meeting Chinese consumers’ increasing demand.