China exempts some United States imports from extra tariffs - ING

Cornelia Mascio
Сентября 11, 2019

China on Wednesday moved to exempt 16 types of United States products from additional retaliatory tariffs, including whey and fish meal which are fed to animals, and some lubricants, according to a statement from the Ministry of Finance.

The report also found China's ongoing economic slowdown - which predates the trade war - remains the top overall concern of U.S. companies.

The lists mark the first time Beijing has announced products to be excluded from tariffs. "Most of these included medical equipment and parts, which are high-value products".

"The exemption could be seen as a gesture of sincerity towards the USA ahead of negotiations in October but is probably more a means of supporting the economy", ING's Greater China economist Iris Pang wrote in a note.

"The exemption could be seen as a gesture of sincerity towards the U.S. ahead of negotiations in October but is probably more a means of supporting the economy".

The analysts said Beijing had been sounding a more "constructive" note in recent weeks over trade relations.

The Commission issued two separate tariff exemption lists.

"Our house view is that the two countries are unlikely to reach a deal this year".

China has imposed several rounds of duties on U.S. goods in retaliation against U.S. Section 301 tariffs, beginning past year in July and August with a 25 per cent levy on about $50 billion of U.S. imports.

In all, the world's two largest economies have slapped tit-for-tat tariffs on hundreds of billions of dollars worth of goods in a bitter trade war that has dragged on for well over a year and raised the spectre of a global recession. The US Trade Representative's Office has announced six rounds of exclusions from the punitive tariffs on $34bn of Chinese goods since December.

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