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China to exempt additional tariffs on more US products

The exemption list will be valid from December 26, 2019, to December 25, 2020, the statement further said.

SNS | New Delhi |

China on Thursday released another list of US products that will be exempted from the first round of additional tariffs on American goods.

This is the second set of American goods to be excluded from China’s first round of tariff countermeasures against the US Section 301 measures, Xinhua news agency quoted the Customs Tariff Commission of the State Council as saying in a statement.

The exemption list will be valid from December 26, 2019, to December 25, 2020, the statement further said.

Tariffs that have already been levied will not be refunded, it added.

The remaining US products subject to China’s first round of additional tariffs will not be excluded for the time being.

Last week, both the countries reached a partial agreement to mitigate the trade conflict facing both powers since last year.

On Thursday, Trump said that he is on the verge of easing the China trade war, days before new tariffs are due to kick in between the world’s two largest economies.

On Wednesday, Trump to reach a “phase one” deal with China in an effort to resolve the ongoing trade war between the US and China.

Last month, China and the US were “moving closer to agreeing” on a “phase one” trade deal.

President Trump and his Chinese counterpart Xi Jinping both insisted that they would resist pressure to give ground on a trade deal that Washington’s leader said could be “very close.”

Trump further said that, when it comes to Hong Kong, he is balancing competing interests, stopping short of pledging to sign new US legislation to support the restive semi-autonomous city’s democracy movement.

The United States and China imposed steep tariffs on hundreds of billions of dollars in two-way trade, and another round of US duties are set to hit on December 15 on $160 billion in Chinese goods.

In September, the US had imposed fresh tariffs on $112 billion worth of Chinese imported goods, marking a sharp escalation of the bruising trade war between the world’s two largest economies.

Donald Trump launched the trade war as part of his “America First” bid to lower a wide trade deficit with China, but the tariffs imposed thus far have barely made a dent in that gap.