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BEIJING: China on Tuesday announced a new list of 79 US products eligible for retaliatory duty exemptions imposed at the height of the bilateral trade war, amid continued pressure on Beijing to boost imports from the United States.
The Chinese Ministry of Finance said in a statement that the new exemptions will take effect on May 19 and expire on May 18, 2021. The latest list does not apply tariffs on products that include rare earth metal ores, gold ores , silver minerals and concentrates.
The ministry did not disclose the value of imports of the products. Beijing said in February that it will grant exemptions for 696 American products, including key products such as soy and pork based on company requests.
Top trade negotiators in Beijing and Washington made a call last week and discussed the implementation of the Phase 1 agreement signed in January. Under the agreement, China agreed to increase its purchases of US goods from a 2017 baseline by $ 200 billion over two years, with an increase of approximately $ 77 billion in purchases in the first year and $ 123 billion. in the second year.
The renewed tensions between the two countries, sparked by the COVID-19 pandemic that started in China late last year, are also raising questions about the trade truce.
United States President Donald Trump threatened to terminate the deal if China fails to meet its purchase commitments.
The China Global Times, published by the official newspaper of the ruling Communist Party, also reported on Monday that some government advisers urged Beijing to invalidate the trade deal and negotiate a more favorable one for China. – Reuters
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