5 years ago

US intends to extend US$34 billion tariff exemption for Chinese imports

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tariffs china

The United States Trade Representative said on October 28 that it is currently studying the extension of the $34 billion tariff exemption for Chinese imports. The exemption period was originally scheduled to expire on December 28.

The office said that it will consult the public on the tariff exemption period from November 1st to November 30th. According to the Federal Register, when the office decides whether to extend the tariff exemption, it will assess whether the US or third country can supply similar goods.

From July 6, 2018, the United States imposed a 25% tariff on Chinese goods valued at $34 billion. Washington later approved the exemption tariff in December of the same year for a period of one year.

After the latest round of trade negotiations between China and the United States, the first phase of the trade agreement was announced. The details of the agreement between the officials of the two countries are expected to be signed during the Asia-Pacific Economic Cooperation (APEC) in Chile in November.

US President Donald Trump said on October 28 that he would consider signing a first-phase trade agreement with Beijing in advance. He pointed out that the first phase of the trade agreement not only takes care of the farmers, but also takes care of the needs of the banking industry.


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