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China will exempt from import duties 696 types of goods from US

UNITED STATES (OBSERVATORY NEWS) — The Committee on Customs Tariffs under the State Council of China will begin on March 2 to accept applications from Chinese companies to exempt 696 commodity items from the United States from import duties. The validity of permits will be one year.

Provided that Chinese enterprises and the market meet certain requirements, the authorities will cease to tax mirror a number of goods from the United States. Fees followed in response to additional fees imposed by the United States under Art. 301 of the Trade Act of 1974, which provides for sanctions against “unfair trading partners.”

A list of 696 headings includes, but is not limited to, pork, beef, soybeans, LNG, and oil.

The first stage of the agreement between the United States and China on the settlement of trade disputes entered into force on February 14, the parties agreed to reduce duties on a number of goods.

US President Donald Trump said earlier that the US does not intend to abolish duties on Chinese goods until the parties conclude a second agreement as part of a trade deal.

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