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National & World Ag News Headlines |
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China Granting Tariff Exemptions on Some U.S. Goods
USAgNet - 02/19/2020
China will grant exemptions on retaliatory duties imposed against nearly 700 U.S. goods, the most substantial tariff relief to be offered so far, as Beijing seeks to fulfill commitments made in its interim trade deal with the United States.
According to Reuters, the announcement comes after the Phase 1 trade deal between the two countries took effect last Friday and is the third round of tariff exemptions China has offered on U.S. goods.
China has committed to boosting its purchases of goods and services from the United States by $200 billion over two years as part of the agreement, and has already rolled back some additional tariffs on U.S. imports after the deal was signed.
U.S. goods eligible for tariff exemptions include key agricultural and energy products such as pork, beef, soybeans, liquefied natural gas and crude oil, which were subject to extra tariffs imposed during the escalation of the bilateral trade dispute.
The coronavirus epidemic that emerged late last year in China has raised concerns about its ability to meet the purchasing targets, however. Authorities throughout the country imposed major restriction on travel and transportation to curb the spread of the virus,
which has killed nearly 1,900 and infected more than 70,000 in the country, report Reuters.
The containment efforts have kept factories shut or operating with drastically reduced staff, hitting production. The public has also been discouraged from leaving their homes or going to public places, also stunting consumption.
White House adviser Larry Kudlow said earlier this month that Chinese President Xi Jinping told U.S. President Donald Trump during a recent call that China will still meet its Phase 1 trade deal purchasing targets.
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