China’s government is reversing decisions taken during the aggravation of relations with the United States. We are talking about increased import duties on certain groups of goods produced in the States.
So, the Ministry of Finance of the PRC has issued a press release that reports that on May 19, the agreement on the suspension of increased tariffs for a period of one year will enter into force. There will be exceptions for 79 categories of goods, which include chemical products and manufactured goods.
This is the second step on the part of the Chinese authorities towards rapprochement with the United States. Already in February, a share of US exports was lifted from additional duties. Of course, medical equipment that China needed to combat the pandemic was also in that list.
There have been visible political goals in the gesture of official Beijing. The Chinese show their desire to maintain peace and increase imports of American goods.
The material was prepared with the participation of Katya Wilson,
a leading analyst of the brokerage company UFT Group