China Grants Tariff Exemptions on US Goods

Economy

China will grant exemptions on retaliatory duties imposed against 696 US goods, including agricultural and energy products, according to Reuters.

Today’s move follows the Phase 1 trade deal between China and the US last month and enables Chinese firms to submit tariff exemption applications for US goods, such as soyabeans, wheat, corn and coal. As of 14 February, tariffs on US coking coal were trimmed to 30.5% from 33%, while US soybean duties were slightly reduced to 27.5% from 30%.

Firms can begin submitting applications on 2 March, with granted exemptions valid for one year.