Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Economy & Forex  >  All News

News : Economy & Forex
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies / ForexCryptocurrenciesEconomic EventsPress releases

China to grant tariff exemptions on 696 U.S. goods to support purchases

share with twitter share with LinkedIn share with facebook
share via e-mail
02/18/2020 | 03:07am EDT
FILE PHOTO: A Benjamin Franklin U.S. 100 dollar banknote and a Chinese 100 yuan banknote with late Chinese Chairman Mao Zedong are seen in this picture illustration in Beijing, China

China will grant exemptions on retaliatory duties imposed against 696 U.S. goods, the most substantial tariff relief to be offered so far, as Beijing seeks to fulfill commitments made in its interim trade deal with the United States.

Tuesday's announcement comes after the Phase 1 trade deal between the two countries took effect on Feb. 14 and is the third round of tariff exemptions China has offered on U.S. goods.

China has committed to boosting its purchases of goods and services from the United States by $200 billion over two years as part of the agreement, and has already rolled back some additional tariffs on U.S. imports after the deal was signed.

U.S. goods eligible for tariff exemptions include key agricultural and energy products such as pork, beef, soybeans, liquefied natural gas and crude oil, which were subject to extra tariffs imposed during the escalation of the bilateral trade dispute.

The coronavirus epidemic that emerged late last year in China has raised concerns about its ability to meet the purchasing targets, however. Authorities throughout the country imposed major restriction on travel and transportation to curb the spread of the virus, which has killed nearly 1,900 and infected more than 70,000 in the country.

The containment efforts have kept factories shut or operating with drastically reduced staff, hitting production. The public has also been discouraged from leaving their homes or going to public places, also stunting consumption.

White House adviser Larry Kudlow said earlier this month that Chinese President Xi Jinping told U.S. President Donald Trump during a recent call that China will still meet its Phase 1 trade deal purchasing targets.

Beijing's announcement on Tuesday emphasized that Chinese firms will submit applications for tariff exemptions based on market conditions and commercial considerations.

"Unless the state forcefully asks firms to apply for tariff exemption and buy U.S. soybeans, crushers would still go for Brazilian beans, based on market free will," said a trader, adding that Brazilian beans are of good quality and price this year.

Other products subject to exemption on additional tariffs imposed include denatured ethanol and wheat, corn and sorghum. Some medical devices and metals including copper ore and concentrates, copper scrap and aluminum scrap are also subject to exemption.

Pharmaceutical products such as recombinant human insulin and some antibiotics are also among U.S. products eligible for tariff exemptions.

Firms can start submitting their applications on March 2, and any exemptions granted will be valid for one year.

By Stella Qiu and Se Young Lee

Stocks mentioned in the article
ChangeLast1st jan.
CBOT ETHANOL FUTURE (EH) - CBR (FLOOR)/C1 2.84% 0.869 End-of-day quote.-38.55%
CORN FUTURES (C) - CBR (FLOOR)/C1 -0.91% 327.75 End-of-day quote.-14.70%
SOYBEAN MEAL FUTURES (ZM) - CBE (ELECTRONIC)/C1 -2.04% 297 End-of-day quote.3.07%
WHEAT FUTURES (W) - CBR (FLOOR)/C1 1.18% 555.75 End-of-day quote.-1.70%
WTI -8.75% 26.27 Delayed Quote.-59.76%
share with twitter share with LinkedIn share with facebook
share via e-mail
Latest news "Economy & Forex"
05:24pTech Up On Hopes That Covid-19 Peak Is Close In Hard-Hit Areas -- Tech Roundup
DJ
05:22pFinancials Up On Hopes Of NY Covid Peak -- Financials Roundup
DJ
05:20pBoeing suspending 787 production at South Carolina plant
RE
05:18pNYSE in talks with SEC to ease listing rules during coronavirus volatility
RE
05:16pNEWS HIGHLIGHTS : Top Company News of the Day
DJ
05:16pNEWS HIGHLIGHTS : Top Global Markets News of the Day
DJ
05:11pHair Cuttery's Owner Expects to Miss Payroll on Tuesday
DJ
05:10pGlobal stocks jump on less dire virus data, oil falls after OPEC+ delay
RE
05:10pOPEC+ LIKELY TO AGREE TO CUT PRODUCTION IF U.S. JOINS EFFORT : sources
RE
05:10pConsumer Cos Up On Hopes For Plateau In NY Covid Spread -- Consumer Roundup
DJ
Latest news "Economy & Forex"