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China Announces Tariff Exemption on US Products

BEIJING – China on Wednesday announced a plan to exempt Chinese tariffs for certain US imports and companies, in a gesture of goodwill that will help mitigate the impact of the trade war on US companies and restore optimism to the new round of trade negotiations scheduled October, Global Times reported Wednesday.
US products exempt from Chinese tariffs include 16 types of products that are strongly related to livelihoods, such as lubricating oil, medical accelerators and anticancer drugs. China’s State Council will continue to work on the list of exemptions and publish it “in a timely manner”.
Some imports, including lubricating oils, fishmeal, parva, medical accelerators, cancer drugs and Medicago, will be exempt from retaliatory tariffs imposed on US imports between 17 and 16 September 2020.
Companies involved in the export of products already tariffs can request a refund to the Chinese customs within six months from Wednesday.
For imports such as whey and release agents, companies will no longer be subject to retaliatory tariffs imposed on US imports from September 17, 2019 to September 16, 2020. But they will not receive a refund of the rates paid.
“The exemption represents our goodwill as a new round of trade talks is about to begin, which is yet another chance for Beijing to give Washington an end to the trade war,” said Bai Ming, a researcher at Chinese Academy of International Trade and Economic Cooperation.
The American side should cherish this sincerity and goodwill, and sit down to talk about common goals after being stuck in a stalemate, Bai said.
The Chinese Ministry of Commerce announced last week that Beijing and Washington will strive to achieve “substantial progress” in the 13th round of trade consultations to be held in early October in Washington.
The one-year trade war between the world’s two largest economies has recently intensified, especially after the US applied tariffs on Chinese imports worth more than $125 billion. September 1st, covering products such as shoes, food and other daily necessities.
In turn, the Chinese government imposed additional tariffs on some $75 billion worth of US goods to China, including a 5% duty on US crude oil.
“China had already started the process of accepting tariff waiver requests several months ago, and it takes some time to complete the reviews. The government has finished approving the first batch of imports now,” Mei Xinyu, an expert close to the Ministry of Commerce said the Global Times.
Mei said the initiative aimed to reduce the impact of the trade war on the Chinese economy. The timing of the announcement, which will take place several weeks before the national holiday celebrating the 70th anniversary of the founding of the People’s Republic of China, indicates that Beijing also wants to make a positive contribution to the national atmosphere.
“China and the United States could conclude some agreements ahead of a meeting scheduled for early October, as part of the agreement, exemptions on some US products could be in exchange for US exemptions on Chinese products,” Mei said.
However, US agricultural products, such as soybeans, corn and pork, are not on the list of exemptions before the new round of negotiations.
(Sahar News Monitoring Desk)

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