China will grant exemptions on retaliatory tariffs adopted against 696 US products, the most substantial tariff relief to be offered so far, as Beijing seeks to fulfill commitments made in its initial agreement with the United States.
Tuesday's announcement comes after the Phase 1 trade deal between the two countries came into force on February 14 and marks the third round of tariff exemptions that China has offered on US products.
China committed to increasing its purchases of US goods and services by $200 billion over two years as part of the deal, and has already lifted some additional tariffs on US imports after the deal was signed.
Among the products eligible for tariff exemptions are pork and beef, soybeans, liquefied natural gas and oil, which were surcharged during the intensification of the bilateral trade dispute.
However, the coronavirus epidemic that emerged late last year in China raised concerns about its ability to meet purchasing targets. Authorities across the country have adopted restrictions on travel and transportation to contain the spread of the virus, which has killed nearly 1,900 people and infected more than 70,000 in the country.
Source: Notícias Agrícolas
