The Committee on Tariffs of the State Council of China exempted from additional import duties 16 categories of American goods. The decision comes into force on September 17, the abolition of duties will last until September 16, 2020, Reuters reports.
As noted in the Ministry of Finance, these goods will not be subject to the duties that are imposed in response to the actions of the United States. In total, two lists have been published. They include, in particular, whey and fish flour for animal feed, lubricants and lubricants, medicines, pesticides. Sanctions on pork and corn remained in place.
For these goods, China imposed duties of 15 to 25 per cent in two phases, in April and August 2018.
Since September 1, the countries have exchanged additional sanctions. The United States imposed duties on imports worth $300 billion and China $75 billion. The introduction of some of them has been suspended until December 15. In addition, from October 1, the U.S. will raise existing duties from 25 to 30 percent.
Beijing’s current decision came amid an agreement on a new round of talks due to take place in early October. This is the second concession on the part of China. Earlier, Beijing offered U.S. trade representatives to buy a small amount of U.S. agricultural products before the meeting. It was the refusal to buy from American farmers after previous negotiations that prompted criticism of China from U.S. President Donald Trump and led to aggravation in the trade war.
The trade standoff between the world’s two largest economies lasts more than a year and a half. The U.S. is demanding a fairer trade agreement from China and is also accused of stealing intellectual property.