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China lifts duties from 700 American goods

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China lifts duties from 700 American goods
February 19
13:00 2020

Chinese authorities are preparing to increase the amount of raw materials purchased from the United States. Thus, China demonstrates its readiness to fulfill its obligations under the first phase of the trade agreement.

The Chinese Ministry of Finance has published a list of goods from which the current duties will be lifted. It should be noted that the PRC imposed the duties in response to similar actions by the States. There are about 700 items (including soybeans, pork, wheat, oil and LNG) in the list.

According to the first phase of the agreement, China is obliged to increase imports of American products by $ 200 billion over the next 2 years. Raw materials should be about half of these products.

According to Chinese authorities, those organizations that would like to import goods from the United States can submit a corresponding application from March 2. Duties will be lifted for a year. Certain limits will be set for each company that imports products. If purchases exceed these limits, then they will be subject to previous duties.

These measures are aimed at implementing the agreement on the first phase. The authorities are offering companies to start purchasing American products on market- based principles.

 

The material was prepared with the participation of Katya Wilson,
a leading analyst of the brokerage company UFT Group

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