China exempts 696 US goods from customs duties to support purchases
The Economy News - Baghdad
China has decided to exempt 696 American goods from punitive customs duties, in the largest duty exemption to date, as Beijing seeks to implement its obligations in the initial trade agreement with the United States.
Tuesday's announcement comes after the first-stage agreement between the two countries came into effect on February 14th and this is the third round of exemptions that China gives to American goods.
China has pledged to increase purchases of goods and services from the United States by 200 billion dollars over two years as part of the agreement, and has already abolished some additional fees on US imports after the signing.
Among the commodities included in the exemptions are agricultural and energy products such as pork, beef, liquefied natural gas and crude oil, which were subject to additional fees in the midst of the escalation of the commercial dispute between the two countries.