China lifts tariffs on six US chemical products

The new tariff exemptions come a week after China agreed to a trade deal with the US

                                

China has announced fresh tariff exemptions for six chemical and oil products imported from the US. This comes a week after agreeing to a phase one trade deal with Washington.

The exemptions will run for one year from December 26, the Finance Ministry said without providing a value for the imports exempted from duties.

The exempted products include white oil, a food-grade petroleum wax and types of polyethylene and polypropylene.

Duties already imposed on US products would not be refunded, the ministry added.

China had previously exempted 16 products – including soybeans, pork and other farm goods – from additional trade war tariffs, after Chinese importers had filed for exemptions.

The suspension of tariffs is often viewed as a move to ease trade tensions, though the value of the products may be minimal.

The ongoing trade war between the US and China has affected economic growth worldwide, dampening business investment and confidence.

As part of the interim trade deal between the two countries, the US will exempt more Chinese products from additional tariffs. It will also remove part of the tariffs on Chinese products, with China responding accordingly.

China said it will continue to work on the product exemptions and release a second round of tariff waivers at an appropriate time.

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