China to grant tariff exemptions on additional US goods

The Chinese government announced on Tuesday it would allow importers to apply for new tariff exemptions on nearly 700 products from the United States, including agricultural and energy goods.

According to the Customs Tariff Commission of the State Council, applications will be accepted starting from March 2, and will need to undergo an approval process. Exemptions will only be effective for one year.

"[The exemptions are] to support enterprises to import goods from the US based upon their business considerations," said the commission.

The list of exemptions contains 697 product types, ranging from soybeans, pork and beef, to liquefied natural gas and crude oil. It also includes dozens of types of medical equipment, such as thermometers.

China and the United States cut additional duties on certain imports from February 14, when the phase one trade deal inked in December officially took effect.

Beijing cut a 10 percent punitive tariff on 916 US products to five percent. Levies for some 801 products were lowered to 2.5 percent, from the previous rate of five percent.

In response, Washington cut the 15 percent additional tariff on $120 billion of Chinese goods to 7.5 percent.

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