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Tue, 12 Nov 2019 06:12 GMT

China Exempts 16 Categories of US Products from Tariffs


7Dnews London

Wed, 11 Sep 2019 09:36 GMT

China said on Wednesday September 11th that it is planning to exempt 16 categories of American products from tariffs before the upcoming fresh round of trade talks in early October, AFP reported.

According to the Customs Tariff Commission of the State Council, China's exemptions will become effective on September 17th, and will be valid for one year.

Furthermore, the commission had released two lists which include seafood products and anti-cancer drugs, as well as alfalfa pellets, fish feed, medical linear accelerators and mould release agents.

The list does not include big-ticket items such as soybeans and pork, but the commission said it will consider further exemptions.

This is the first time Beijing has announced exclusion of any products from tariffs.

It has now been a year since the trade war between the United States and China started, with the two sides battling using tariffs on each other’s exports totalling hundreds of billions of dollars.

The US-China trade negotiators said that they will meet in Washington DC next month, raising hopes that these talks would help in easing tensions between the two biggest economies in the world. 

The central People's Bank of China said on Friday September 6th that it will cut the amount of cash in reserve, which allows an estimated $126 billion in additional loans to businesses.

The move comes in a sign of pressure on the Chinese economy, whose growth rate slumped to 6.2% in the second quarter, the lowest rate in the last three decades.

President Donald Trump also said on September 6th that the American Chinese trade war is damaging China more than his country.

"China is eating the tariffs," Trump tweeted, adding that "higher duties mean Washington is collecting billions of dollars from the Asian giant, without costs being passed on to US consumers."

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